Kingbird Company provides the following selected information related to its defined benefit pension plan for 2020. $26,800 Cr Pension asset/liability (January 1) Accumulated benefit obligation (December 31) 400.000 10.200 Actual and expected return on plan assets Contributions (funding) in 2020 ) Fair value of plan assets (December 31) 150,700 792.200 Settlement rate 10 % 694,400 Projected benefit obligation (January 1) Service cost 79,220 (a) a Your answer has been saved. See score details after the due date. Compute pension expense. Pension expense for 2020 $ 138460 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 $36,300. (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 Ofor the amounts.) Account Titles and Explanation Debit Credit Pension Expense 138460 Pension Asset/Liability 10200 Cash 148660 Attempts: 1 of 1 used (b) Indicate the pension-related amounts that would be reported in the company's income statement and balance sheet for 2020. Kingbird Company Income Statement (Partial) For the Year Ended December 31, 2020 Total Expenses Pension Expense Kingbird Company Balance Sheet (Partial) $ Attempts: 0 of 1 used Submit Answer Save for Later Last saved 38 minutes ago Saved work will be auto-submitted on the due date. Auto- submission can take up to 10 minutes