ian inc started a pension plan jan 1 2020. At that date prior service credit of $1,100,000 was granted to existing employees. at dec 31 information are as follows.

service cost for 2020, 90,000, fair value of plan assets 225,500, projected obligation 1,278,000, employee contribution to fund for 2020 225,500, average remaining service life 16 years, discount rate 8%, expected return of plan assets 7%

1. what is the pension expense for 2020

2. prepare a journal entry