Part 1- Bubble Inc. has the following defined benefit pension plan balances on January 1, 2020. Projected Benefit Obligation Fair value of plan assets $4,600,000 $4,600,000 The settlement/discount rate applicable to the plan is 10%. On December 31, 2021, the company amends its pension agreement so that prior service costs of $600,000 are created. Other data related to the pension plan are: $ Service cost Prior service cost amortization Contributions (funding) to the plan Benefits paid Actual return on plan assets Expected rate of return on assets 2020 150,000 - 200,000 220,000 252,000 6% $ $ $ $ $ 2021 170,000 90,000 184,658 280,000 350,000 7% Required: Prepare the journal entries that would be necessary to record the adjustments to the company pension plan for 2020 and 2021. Part 2- Bubble Inc. management decided to make a switch in company retirement savings plans in 2021. Current employees would still be eligible for the pension plans that they have earned but new employees will be started on a defined contribution retirement plan instead. 5 employees began employment in 2021 and earned $50,000 each in wages each during the year. The company policy for retirement plans requires Bubble to contribute 3% of gross wages to the defined contribution plan and then matches half of the employee contribution on top of this. During the year all 5 employees contributed 3% of their wages to their retirement savings plans. What entries would Bubble need to make to record its contributions to the new defined contribution plan for the year