Ingram Company sponsors a defined benefit pension plan. At January 1,

2022, its projected benefit obligation is $2,620,000, and the fair value of its

plan assets is $3,165,000. Accumulated other comprehensive income at

that date includes $352,000 of unrecognized pension gains from prior

years.

Ingram Company sponsors a defined benefit pension plan. At January 1, 2022, its projected benefit obligation is $2,620,000, and the fair value of its plan assets is $3,165,000. Accumulated other comprehensive income at that date includes $352,000 of unrecognized pension gains from prior years. The expected return on plan assets is 9% and the settlement rate is 10% in all years. Employer contributions are $258,000 in 2022 and $55,000 in 2023. Actual return on plan assets is $227,500 in 2022 and $309,000 in 2023. Service cost is $215,000 in 2022 and $209,000 in 2023. Benefits paid are $410,000 in 2022 and $427,000 in 2023. Required a. Prepare the journal entries to record net periodic pension expense, employer's funding contribution, and related pension amounts for the years 2022 and 2023. Preparation and presentation of a pension worksheet is recommended for partial credit, where earned, to be awarded. b. What amount of pension asset or liability will be reported on Ingram's balance sheet on December 31, 2023