Question 3 of 7 -/10 View Policies Current Attempt in Progress Swifty Company provides the following selected information related to its defined benefit pension plan for 2020. Pension asset/liability (January 1) Accumulated benefit obligation (December 31) Actual and expected return on plan assets Contributions (funding) in 2020 Fair value of plan assets (December 31) Settlement rate Projected benefit obligation (January 1) Service cost $25,900 Cr. 398,600 9,200 149.400 793,700 10 % 706,100 79,370 Compute pension expense. Pension expense for 2020 $ Prepare the journal entry to record pension expense and the employer's contribution to the pension plan in 2020. Preparation of a pension worksheet is not required. Benefits paid in 2020 were $45,100. (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 for the amounts.) Account Titles and Explanation Debit Credit eTextbook and Media List of Accounts Indicate the pension-related amounts that would be reported in the company's income statement and balance sheet for 2020. Swifty Company Income Statement (Partial) For the Year Ended December 31, 2020 $ Pension Expense 140780 Swifty Company Balance Sheet (Partial) $ eTextbook and Media List of Accounts Save for Later Attempts: 0 of 3 used Submit