Question 5 of 7 - / 10 III View Policies Current Attempt in Progress Whispering Company sponsors a defined benefit plan for its 100 employees. On January 1, 2020, the company's actuary provided the following information. Accumulated other comprehensive loss (PSC) Pension plan assets (fair value and market-related asset value) Accumulated benefit obligation Projected benefit obligation $149,500 198,200 258,000 378,200 The average remaining service period for the participating employees is 10 years. All employees are expected to receive benefits under the plan. On December 31, 2020, the actuary calculated that the present value of future benefits earned for employee services rendered in the current year amounted to $56,000; the projected benefit obligation was $482,600; fair value of pension assets was $274,200; the accumulated benefit obligation amounted to $357,900. The expected return on plan assets and the discount rate on the projected benefit obligation were both 10%. The actual return on plan assets is $10.700. The company's current year's contribution to the pension plan amounted to $65,300. No benefits were paid during the year. Determine the components of pension expense that the company would recognize in 2020. (With only one year involved, you need not prepare a worksheet.) (Enter amounts that reduce pension expense with either a negative sign preceding the number e.g.-45 or parenthesis e.g. (45).) Components of Pension Expense $ $ $ $ e Textbook and Media Prepare the journal entry to record the pension expense and the company's funding of the pension plan in 2020. (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 e Textbook and Media List of Accounts Compute the amount of the 2020 increase/decrease in gains or losses and the amount to be amortized in 2020 and 2020 Increase/Decrease in V $ $ Amortization in 2020 Amortization in 2021 $ e Textbook and Media List of Accounts Indicate the pension amounts reported in the financial statement as of December 31, 2020. (Enter negative amounts using either a negative sign preceding the number eg.-15,630 or parentheses eg. (15,630).) Whispering Company Income Statement (Partial)