Problem 20-04 (Part Level Submission)

Cheyenne Company sponsors a defined benefit pension plan. The following information related to the pension plan is available for 2020 and 2021.

		2020			2021
Plan assets (fair value), December 31		$810,840			$984,840
Projected benefit obligation, January 1		812,000			928,000
Pension asset/liability, January 1		162,400	Cr.		?
Prior service cost, January 1		290,000			278,400
Service cost		69,600			104,400
Actual and expected return on plan assets		27,840			34,800
Amortization of prior service cost		11,600			13,920
Contributions (funding)		133,400			139,200
Accumulated benefit obligation, December 31		580,000			638,000
Interest/settlement rate		9	%		9	%

(a)

Compute pension expense for 2020 and 2021.

Pension expense for 2020		$
Pension expense for 2021		$