Prepare the journal entry to record pension expense and the employers contribution to the pension plan in 2017.

Exercise 20-1 The following information is available for the pension plan of Flounder Company for the year 2017. 15,300 Actual and expected return on plan assets Benefits paid to retirees 41,500 88,100 Contributions (funding) Interest/discount rate 10 Prior service cost amortization 7,700 Projected benefit obligation, January 1, 2017 496,000 54,500 Service cost