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Lee Electronics, Inc. reported the following information related to its definedbenefit pension plan at December 31, 2021: Projected benefit obligation $320,000 Pension plan assets, at
Lee Electronics, Inc. reported the following information related to its definedbenefit pension plan at December 31, 2021: Projected benefit obligation $320,000 Pension plan assets, at market value ...... $400,000 The plan was subject to the following activity during 2022: a) Lee's actuary confirmed that the service cost for the plan during the year was $60,000. b) The applicable interest rate for pension matters was 5%. c) Early in 2019, an amendment to the plan resulted in prior service cos of $40,000. Each year, one-tenth of this cost is amortized to expense. d) The pension plan asset balance at December 31st, at market value was $445,000. Lee contributed $30,000 to the fund in 2022 , and plar participants received $20,000 in benefits during the year. There were no significant actuarial gains or losses for the plan during 2022 Based on the above information, determine Lee Electronics, Inc.'s pensio expense for the year ended December 31, 2022. Prepare a formal schedul to support your
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