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Pronghorn Company sponsors a defined benefit pension plan. The following information related to the pension plan is available for 2020 and 2021. Your answer is
Pronghorn Company sponsors a defined benefit pension plan. The following information related to the pension plan is available for 2020 and 2021. Your answer is correct. Compute pension expense for 2020 and 2021. Pension expense for 2020$ Pension expense for 2021 \$ Prepare the journal entries to record the pension expense and the company's funding of the pension plan for both years. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Webit Credit Dec. 31, 2020 Pension Asset/Liability Other Comprehensive Income (PSC) 10400 Other Comprehensive Income (G/L) \begin{tabular}{|l|} \hline 9360 \\ \hline \end{tabular} Cash 119600 Dec. 31, 2021 \begin{tabular}{|l|l|l|l|l|} \hline Pension Expense. & & & & \\ \hline \end{tabular} Pension Asset/Liability Other Comprehensive Income (PSC) Cash 124800
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