Measuring and recording pension expense. Kessler, Inc. received the following information from its pension plan trustee concerning the operation of the company's defined-benefit pension plan for the year ended December 31, 2018:

January 1, 2018

December 31, 2018

	Projected benefit obligation	$2,500,000	$2,850,000
	Fair value of plan assets	1,250,000	1,600,000
	Accumulated benefit obligation	1,930,000	2,620,000
	Accumulated OCI (PSC)	540,000	300,000

The service cost component for 2018 is $180,000 and the amortization of prior service cost is $240,000. The company's actual funding of the plan in 2018 amounted to $525,000. The expected return on plan assets and the settlement rate were both 8%. Instructions (a) Determine the pension expense to be reported in 2018. (b) Prepare the journal entry to record pension expense and the employers' contribution to the pension plan in 2018.