Instructions

On December $31,$ Year $5,$ Clemson Company determined that the Year $5$ service cost on its defined benefit pension plan was $$245,000.$ At the beginning of Year $5,$ Clemson had pension plan assets totaling $$990,000$ and a projected benefit obligation of $$750,000.$ Its discount rate and expected long$-$term rate of return on plan assets for Year $5$ were both $12\%.$

Required:

Compute the amount of Clemson's pension expense for Year $5.$ Enter amount as positive number.

Record the journal entries for Clemson's Year $5$ pension cost if it funds the pension plan in the amount of $($a$)$ $$225,000$ and $($b$)$ $$210,000.$