Problem 4: On 12/31/20, March Madness Inc. noticed the following company tax information. Assume it doesn't have any temporary or permanent differences. Year Tax Rate 2018 (actual) 2019 (actual) 2020 (actual) | 2021 (estimate) 2022 (estimate Taxable Income (Loss) $102,000 $40,000 ($10,000) ($90,000) $145,000 33% 21% 21% 21% 21% What would the journal entry(s) be on 12/31/20 related to the 2020 loss? (5 points) Problem 4: Presented below is information related to Eli, Inc. pension plan for 2019. Projected benefit obligation (at beginning of period) $220,000 Fair value of plan assets (at beginning of period) $550,000 Accumulated Other Comprehensive Income (PSC) (as of 12/31/2018) $450,000 Service cost $13,000 Funding contribution $120,000 Amortization of PSC (due to benefit increase) $65,000 Settlement rate used in actuarial computation 13% Expected loss on plan assets $45,000 Benefits paid to retirees $100,000 a. Compute the amount of pension expense to be reported for 2019 using the worksheet below. (8 points) General Journal Entries Memo Record Annual Pension Expense Items Cash Other Comprehe nsive Income Pension Asset/ Liabilit Projecte d Benefit Obligatio Plan Assets Balance, Jan 1, 2019 (a) Service cost (b) Interest (c) Expected loss (d)Amortization of PSC (e) Contributions (f) Benefits 2019 JE Accumulated OCI, 12/31/18 Balance, Dec 31, 2019 b. Prepare the journal entry to record pension expense and the employer's contribution for 2019. (5 points)