Gordon Company sponsors a defined benefit pension plan. The following information related to the pension plan is available for 2014 and 2015.

a)Compute pension expense for 2014 and 2015.

b)Prepare the journal entries to record the pension expense and the companys funding of the pension plan for both years.

2014	2015
Plan assets (fair value), December 31	$1,193,193	$1,449,243
Projected benefit obligation, January 1	1,194,900	1,365,600
Pension asset/liability, January 1	238,980	Cr.	?
Prior service cost, January 1	426,750	409,680
Service cost	102,420	153,630
Actual and expected return on plan assets	40,968	51,210
Amortization of prior service cost	17,070	20,484
Contributions (funding)	196,305	204,840
Accumulated benefit obligation, December 31	853,500	938,850
Interest/settlement rate	8	%	8	%