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

Projected benefit obligation $7,480,000

Fair value of plan assets 7,480,000

Other data related to the pension plan for 2021:

Service cost 323,000

Contributions to the plan 467,000

Benefits paid 458,000

Actual return on plan assets 476,000

Settlement rate 9%

Expected rate of return 6%

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

Projected benefit obligation is: ____________

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

(c) Calculate pension expense for 2021.

(d) Prepare the journal entry to record pension expense and the contributions for 2021.