On January 1, 2023, Lillibet Ltd. reported the following balances relating to its defined benefit pension plan:
		Dec. 31, 2023	Jan. 1, 2023
	Defined benefit obligation	$1,291,000	$1,200,000
	Fair value of plan assets	1,266,000	1,170,000
	Current service cost	$95,000
	Contributions to the plan	104,000
	Benefits paid	100,000
	Actual return on plan assets	(b)
	Interest (discount) rate	(a)
	Defined benefit expense	(c)
Instructions
a)	Calculate the discount rate.
b)	Calculate the actual return on plan assets.
c)	Calculate the defined benefit expense for 2023.
d)	Prepare the journal entries to record the defined benefit expense and the contributions for 2023.