Knowledge Check 01 At the end of the year, Loretto Company added its annual cash investment of $100,000 to its plan assets. The company's pension expense totaled $90,000 for the year. The plan made payments totaling $30,000 to Loretto's retirees during the year. Prepare the appropriate journal entry to record the payments to its retirees. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet A Record the payments to its retirees Note: Enter debits before credits. General Journal Event Debit Credit 1 Record entry Clear entry View general journal