Horizon Inc. has a defined benefit pension plan. The following pension-related data were available for the current calendar year:

• Record the pension expense for the year.
• Record funding for the year.
• Record the gain or loss on plan assets.
• Record the gain or loss on PBO.

Horizon Inc. has a defined benefit pension plan. The following pension-related data were available for the current calendar year: $232,000 33,000 11,600 (4,200) (12,000) $260,400 PBO: Balance, Jan. 1 Service cost Interest cost (5% discount rate) Gain from changes in actuarial assumptions in 2021 Benefits paid to retirees Balance, Dec. 31 Plan assets: Balance, Jan. 1 Actual return (expected return was $21,700) Contributions Benefits paid Balance, Dec. 31 ABO, Dec. 31 January 1, 2021, balances : Prior service cost-AOCI (amortization $5,270/yr.) Net gain-AOCI (amortization, if any, over 15 years) $242,000 20,000 27,000 (12,000) $277,000 $236,200 5,270 52,700 There were no other relevant data. Required: 1. Calculate the 2021 pension expense. 2. Prepare the 2021 journal entries to record pension expense and funding. 3. Prepare any journal entries to record any 2021 gains or losses. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Calculate the 2021 pension expense. (Amounts to be deducted should be indicated with a minus sign.) Pension Expense Pension expense