Indigo Toothpaste Company initiates a defined benefit pension plan for its 50 employees on January 1, 2017. The insurance company which administers the pension plan provided the following selected information for the years 2020, 2021, and 2022. Plan assets (fair value) Accumulated benefit obligation Projected benefit obligation Net (gain) loss (for purposes of corridor calculation) Employer's funding contribution (made at end of year) For Year Ended December 31, 2020 2021 2022 $50,000 $85,100 $179,610 44,700 165.000 291,200 60,000 200,800 326,300 0 79,000 84,126 50,000 60,000 104,500 There were no balances as of January 1, 2020, when the plan was initiated. The actual and expected return on plan assets was 10% over the 3-year period, but the settlement rate used to discount the company's pension obligation was 13% in 2020, 11% in 2021, and 8% in 2022. The service cost component of net periodic pension expense amounted to the following: 2020, $60,000; 2021, $85,100; and 2022, $117,900. The average remaining service life per employee is 12 years. No benefits were paid in 2020, $29,900 of benefits were paid in 2021, and $18,500 of benefits were paid in 2022 (all benefits paid at end of year). Part 1 Calculate the amount of net periodic pension expense that the company would recognize in 2020, 2021, and 2022. (Round answers to 0 decimal places, e.g. 2,525.) Pension expense for 2020 $ Pension expense for 2021 $ Pension expense for 2022 $ e Textbook and Media List of Accounts Save for Later Last saved 8 minutes ago. Attempts: 0 of 3 used Submit Answer Prepare the journal entries to record net periodic pension expense, employer's funding contribution, and related pension amounts for the years 2020, 2021, and 2022. (Round answers to O decimal places, e.g. 2,525. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit Date Dec 31, 2020 Dec. 31, 2021 Dec. 31, 2022