Presented below is information related to Mikell Department Stores, Inc. pension plan for 2022. Service cost 375,000 Funding contribution for 2022 300,000 Settlement rate used in actuarial computation 8% Expected and actual return on plan assets 7% Amortization of Prior Service Costs 70,000 Amortization of net gains 35,000 Projected benefit obligation (at beginning of year) 420,000 Market-related (and fair) value of plan assets (at beginning of year) 380,000 No benefits were paid during 2022. Required: (a) Compute the amount of pension expense to be reported for 2022. (b) Prepare the journal entry to record pension expense for 2022