Presented below is information related to Sheridan Department Stores, Inc. pension plan for 2021.

Accumulated benefit obligation (at year-end)		$670,000
Service cost		610,000
Funding contribution for 2021		550,000
Settlement rate used in actuarial computation		11%
Expected return on plan assets		10%
Amortization of PSC (due to benefit increase)		107,000
Amortization of net gains		55,000
Projected benefit obligation (at beginning of period)		540,000
Fair value of plan assets (at beginning of period)		430,000

Compute the amount of pension expense to be reported for 2021.

Pension expense

$

Prepare the journal entry to record pension expense and the employer's contribution for 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Account Titles and Explanation	Debit	Credit