Question 10 Skysong Inc. has sponsored a noncontributory, defined benefit pension plan for its employees since 1997. Prior to 2020, cumulative net pension expense recognized equaled cumulative contributions to the plan. Other relevant information about the pension plan on January 1, 2020, is as follows. 1. The company has 200 employees. All these employees are expected to receive benefits under the plan. The average remaining service life per employee is 12 years. 2. The projected benefit obligation amounted to $5,058,000 and the fair value of pension plan assets was $2,959,000. The market-related asset value was also $2,959,000. Unrecognized prior service cost was $2,099,000. On December 31, 2020, the projected benefit obligation and the accumulated benefit obligation were $4,774,000 and $4,091,000, respectively. The fair value of the pension plan assets amounted to $4,072,000 at the end of the year. A 10% settlement rate and a 10% expected asset return rate were used in the actuarial present value computations in the pension plan. The present value of benefits attributed by the pension benefit formula to employee service in 2020 amounted to $200,000. The employer's contribution to the plan assets amounted to $777,000 in 2020. This problem assumes no payment of pension benefits. Compute pension expense for the year 2020. (Round answers to 0 decimal places, e.g. 2,525.) Pension expense 584817 SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT X Your answer is incorrect. Try again. Compute the amount of the 2020 increase/decrease in net gains or losses and the amount to be amortized in 2020 and 2 Net gain 12/31/20 1029900 Amortization in 2020 0 Amortization in 2021 20050 SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT Your answer is partially correct. Try again. Prepare the journal entries required to report the accounting for the company's pension plan for 2020. (Round answers entry is required, select "No Entry" for the account titles and enter o for the amounts.) Account Titles and Explanation Debit Credit Pension Expense 584817 Pension Asset/Liability 487400 Cash 777000 Other Comprehensive I 40100 Other Comprehensive I 174917 Click if you would like to Show Work for this question: Open Show Work