I Couldn't Chair Less is a furniture store that sponsors a defined contribution pension plan for its employees. The plan specifies that the company will contribute $2 for every dollar that an employee contributes to the plan. Employees are eligible to contribute up to 5% of their salary to the pension plan. During 2031, employees covered by the pension plan earned salaries totaling $40 million. Employee contributions to the pension totaled $1.8 million. I Couldn't Chair Less contributed $3 million to the plan during the year. What is pension expense for the year? What is the balance of pension payable at the end of the year? What is the journal entry