Nick Inc. sponsors a defined-benefit pension plan. The corporations actuary provides the following information about the plan.

		1/1/2020	12/31/2020
Projected benefit obligation		625,000
Plan assets		550,000
Prior service cost (plan amended)		228,000
Accumulated OCI (G/L)-Dr.		92,500
Settlement & expected return rate			10%
Service cost			85,000
Contributions (funding)			120,000
Actual return on plan assets			44,000
Benefits paid to retirees			110,000
Average service life of all covered employees in years			10

Notes: Read carefully and follow strictly so that Bb can grade you correctly!

1. Use comma in numbers, one thousand is 1,000, not 1000. No $ sign. No positive or negative sign.

2. If no entry is required, write N/A.

3. Only use the following accounts: Cash, Pension expense, OCI-PSC, OCI-G/L, Pension asset/liability.

4. Copy account names accurately to receive credits, names are not case sensitive.

(a) Compute pension expense for 2019

(1) Service cost
(2) Interest cost
(3) Actual return Plan Assets
+/- Unexpected G/L
= Expected return
(4) PSC amortization
(5) G/L amortization
(6) Total pension expense

(b) Prepare the journal entry for pension expense for 2019

Account Dr.

Account Dr.

Account Dr.

Account Cr.

Account Cr.