Michigan Consulting Company has a defined benefit pension plan. The following pension-related data were available for the current calendar year: PBO: Balance, Jan. 1 Service cost Interest cost (5% discount rate) Gain from changes in actuarial assumptions in 2021 Benefits paid to retirees Balance, Dec. 31 Plan assets: Balance, Jan. 1 Actual return (expected return was $22,000) $235,000 36,000 11,750 (4,500) (15,000) $263,250 $245,000 20,000 30,000 (15,000) Contributions Benefits paid Balance, Dec. 31 $280,000 ABO, Dec. 31 $239,500 January 1, 2021, balances: Prior service cost-AOCI (amortization $5,075/yr.) Net gain-AOCI (amortization, if any, over 15 years) 5,075 50,750 There were no other relevant data. Required: 1. Calculate the 2021 pension expense. 2. Prepare the 2021 journal entries to record pension expense and funding. (Show separate entries to record Pension expense and contributions to the plan fund) 3. Prepare any journal entries to record any 2021 gains or losses. (Prepare separate entries to record gains/loss on PBO and Plan Assets for 2021). Refer to textbook for journal entries terminology and format. Complete this question by entering your answers in the tabs below. Required 1 Required 21 Required 3 Calculate the 2021 pension expense. (Amounts to be deducted should be indicated with a minus sign.).