Presented below is information related to Mikell Department Stores, Inc. pension plan for

$2023.$

Service cost $450,000$

Funding contribution for $2023300,000$

Settlement rate used in actuarial computation $7\%$

Expected and actual return on plan assets $6\%$

Amortization of Prior Service Costs $50,000$

Amortization of net gains $55,000$

Projected benefit obligation $($at beginning of year$)500,000$

Market$-$related $($and fair$)$ value of plan assets $($at beginning of

year$)420,000$

No benefits were paid during $2023.$

Required:

$($a$)$ Compute the amount of pension expense to be reported for $2023.$

$($b$)$ Prepare the journal entry to record pension expense for $2023.$

show formulas in excel format