Ivanhoe Company provides the following selected information related to its defined benefit pension plan for 2020.

Pension asset/liability (January 1) $26,300 Cr.

Accumulated benefit obligation (December 31) 402,000

Actual and expected return on plan assets 9,400

Contributions (funding) in 2020 151,500

Fair value of plan assets (December 31) 799,900

Settlement rate 10 %

Projected benefit obligation (January 1) 706,000

Service cost 79,990

Compute pension expense.

Pension expense for 2020

$

Prepare the journal entry to record pension expense and the employer's contribution to the pension plan in 2020. Preparation of a pension worksheet is not required. Benefits paid in 2020 were $40,700. (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 0 for the amounts.)

Account Titles and Explanation

Debit

Credit

SHOW LIST OF ACCOUNTS

LINK TO TEXT

LINK TO TEXT

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Indicate the pension-related amounts that would be reported in the company's income statement and balance sheet for 2020.

Ivanhoe Company

Income Statement (Partial)

$

$

Ivanhoe Company

Balance Sheet (Partial)

$