Problem 19-7 Carla Vista Corporation applies ASPE and sponsors a defined benefit pension plan. The following pension plan information is available for 2020 and 2021: 2020 2021 Plan assets (fair value), December 31 $518,300 $649,000 Defined benefit obligation, January 1 610,000 703,000 Net defined benefit liability (asset), January 1 240,500 Current service cost 62,000 86.000 Actual return on plan assets 24,700 50,100 Funding of current service cost 62,000 86,000 Funding of past service costs 86,000 62,000 Benefits paid ? ? Interest/discount rate 9% 9% The pension fund paid out benefits in each year. There were no actuarial gains or losses incurred on the DBO in the two-year period. x Your answer is incorrect. Try again. Calculate pension expense for 2020 and 2021. Pension expense, 2020 178200 Pension expense, 2021 161170 Prepare all journal entries to record the pension expense and the company's pension plan funding for both years.( Date Account Titles and Explanation Debit Credit 2020 Pension Expense 178200 x Net Defined Benefit Liability/Asset 178200 (To record pension expense.) X 2020 Net Defined Benefit Liability/Asset 240500 X Cash 240500 (To record contributions to the pension fund.) 2021 Pension Expense 161170 x Net Defined Benefit Liability/Asset 161170 (To record pension expense.) 2021 Net Defined Benefit Liability/Asset Cash (To record contributions to the pension fund.)