I have the answer I just need help on how to do the work/formulas

Similar Question on Pension Worksheet Carolina Consulting Company has a defined benefit pension plan. The following pension-related data were available for the current calendar year: PBO: Balance, Jan. 1 Service cost Interest cost (5% discount rate) Gain from changes in actuarial assumptions in 2021 Benefits paid to retirees $ 240,00 0 41,000 12,000 (5,000) (20,00 ) 268,00 $ 0 Balance, Dec. 31 Plan assets: Balance, Jan. 1 Actual return (expected return was $22,500) Contributions Benefits paid 250,00 $ 0 20,000 35,000 (20,00 ) $ 285,00 0 245, 00 Balance, Dec. 31 ABO Dec 31 Balance, Dec. 31 268,00 $ 0 Plan assets: Balance, Jan. 1 $ 250,00 0 Actual return (expected return was $22,500) 20,000 Contributions 35,000 Benefits paid (20,00 ) 0 Balance, Dec. 31 285,00 0 ABO, Dec. 31 $ 245,00 0 January 1, 2021, balances: Prior service cost-AOCI (amortization $4,000/yr.) 4,000 Net gain-AOCI (amortization, if any, over 15 years) 40,000 $ There were no other relevant data. Required: 1. Calculate the 2021 pension expense. (Hint $33,500) 2. Prepare the 2021 journal entries to record pension expense and funding. (Hint: Credit PBO for $53,000)