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Flint Company provides the following selected information related to its defined benefit pension plan for 2020. $23,100 Cr. 402,800 10,800 149.300 Pension asset/liability (January 1) Accumulated benefit obligation (December 31) Actual and expected return on plan assets Contributions (funding) in 2020 Fair value of plan assets (December 31) Settlement rate Projected benefit obligation (January 1) Service cost 805,500 10 % 706,000 80.550 (a) Your answer is correct. Compute pension expense. Pension expense for 2020 $ 140350 Prepare the journal entry to record pension expense and the employer's contribution to the pension plan in 2020. Preparation of a pension worksheet is not required. Benefits paid in 2020 were $37.500. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit Pension Expense 140350 Pension Asset/Liability 8950 Cash 149300 Indicate the pension-related amounts that would be reported in the company's income statement and balance sheet for 2020. Flint Company Income Statement (Partial) For the Year Ended December 31, 2020 Pension Expense $ 140350 Flint Company Balance Sheet (Partial) December 31, 2020 Pension Liability 14150