Presented below is information related to Hills Department Stores, Inc. pension plan for 2020. Accumulated benefit obligation (at year-end) $600,000 Service cost 540,000 Funding contribution for 2020 480,000 Settlement rate used in actuarial computation 10% Expected return on plan assets 9% Amortization of PSC (due to benefit increase) 100,000 Amortization of net gains 48,000 Projected benefit obligation (at beginning of period) 470,000 Fair value of plan assets (at beginning of period) 360,000.

(a) Compute the amount of pension expense to be reported for 2020.

(b) Prepare the journal entry to record pension expense and the employer's contribution for 2020.