Monty Company provides the following selected information related to its defined benefit pension plan for 2020.

Pension asset/liability (January 1)		$26,800	Cr.
Accumulated benefit obligation (December 31)		397,500
Actual and expected return on plan assets		10,900
Contributions (funding) in 2020		150,200
Fair value of plan assets (December 31)		793,000
Settlement rate		10	%
Projected benefit obligation (January 1)		699,000
Service cost		79,300

Compute pension expense.

Pension expense for 2020=

Prepare the journal entry to record pension expense and the employers contribution to the pension plan in 2020. Preparation of a pension worksheet is not required. Benefits paid in 2020 were $40,300. (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 0 for the amounts.)

Account Titles and Explanation	Debit	Credit

MIS380_02 HW # 11 Introduction to Pension Accounting e Textbook and Media Indicate the pension-related amounts that would be reported in the company's income statement and balance sheet for 2020. Monty Company Income Statement (Partial) Monty Company Balance Sheet (Partial) eTextbook and Media Attempts: 0 of 5 used Save for Later Submit Answer Send to Gradebook