Problem 1: The following selected post-retirement benefit accounts were lifted from the 2021 unadjusted trial balance of EMM Corp. No adjusting entry had been made yet at year end in relation to the post- retirement benefits related accounts. Prepaid Pension Expense, January 1, 2021 P 493,900 Pension expense for 2021, amount contributed to the plan P 500,000 Additional information: The memorandum account balances and other off-books transactions are as follows: Plan asset at fair market value, January 1, 2021 P 3,245,400 Accumulated benefit obligation at present value, January 1, 2021 P 2,751,500 Payments to retirees at scheduled retirement in 2021 P 350,000 Payments to early retirees (settlement price) in 2021 P 300,000 Carrying value of accrued benefits of early retirees in 2021 P 220,000 Current service cost P 535,000 Past service cost recognized in the current year P 275,000 Settlement rate 12% Plan asset at fair market value, December 31, 2021 P 3,569,900 Accumulated benefit obligation at present value, December 31, 2021 P 3,852,100 There had been no remeasurement (actuarial) gain or loss from plan asset and accumulated retirement obligation in the prior years. Required: 1. What is the total pension expense in 2021? 2. How much from the pension expense is recognized in the 2021 profit or loss