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Exercise 20-12 Ferreri Company received the following selected information from its pension plan trustee concerning the operation of the company's defined benefit pension plan for the year ended December 31, 2014. January 1, 2014 Projected benefit obligation Market-related and fair value of plan assets Accumulated benefit obligation Accumulated OCI (G/L)Net gain $1,420,200 839,100 1,588,600 0 December 31, 2014 $1,447,600 1,203,310 1,699,960 (192,020 ) The service cost component of pension expense for employee services rendered in the current year amounted to $77,400 and the amortization of prior service cost was $111,360. The company's actual funding (contributions) of the plan in 2014 amounted to $280,300. The expected return on plan assets and the actual rate were both 10%; the interest/discount (settlement) rate was 10%. Accumulated other comprehensive income (PSC) had a balance of $1,113,600 on January 1, 2014. Assume no benefits paid in 2014. Determine the amounts of the components of pension expense that should be recognized by the company in 2014. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Components of Pension Expense $ repare the journal entry to record pension expense and the employer's contribution to the pension plan in 2014. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit (To record pension expense and employer's contribution)