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

Accumulated benefit obligation (at year-end)		$710,000
Service cost		650,000
Funding contribution for 2021		590,000
Settlement rate used in actuarial computation		9%
Expected return on plan assets		8%
Amortization of PSC (due to benefit increase)		111,000
Amortization of net gains		59,000
Projected benefit obligation (at beginning of period)		580,000
Fair value of plan assets (at beginning of period)		470,000

Compute the amount of pension expense to be reported for 2021. Prepare the journal entry to record pension expense and the employer's contribution for 2021.