On January 1, 2021, Sandhill Co. had the following balances:

Projected benefit obligation		$7,390,000
Fair value of plan assets		7,390,000

Other data related to the pension plan for 2021:

Service cost		314,000
Contributions to the plan		458,000
Benefits paid		449,000
Actual return on plan assets		467,000
Settlement rate		9%
Expected rate of return		6%

Determine the projected benefit obligation at December 31, 2021. There are no net gains or losses.

Projected benefit obligation

$

Determine the fair value of plan assets at December 31, 2021.

Fair value of plan assets

$

Calculate pension expense for 2021.

Pension expense

$

Prepare the journal entry to record pension expense and the contributions for 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Account Titles and Explanation	Debit	Credit