Presented below is information related to Marina Comp, Inc. pension plan for 2013.

Accumulated benefit obligation (at year-end) $600,000

Service cost 520,000

Funding contribution for 2013 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) 450,000

Fair value of plan assets (at beginning of period) 360,000

1. Compute the amount of pension expense to be reported for 2013, show work and prepare the journal entry to record pension expense and the employer's contribution for 2013.