Recording Pension Expense, Plan Funding, Benefit Payments

LetsGo Inc. sponsors a defined benefit plan and determined that for the current year of 2020, service cost was $400,000, amortization of prior service cost was $2,880, interest cost was $33,760, and the expected (and actual) return on plan assets was $28,800. LetsGo will contribute $72,000 to the plan for 2020 and payments to retirees totaled $24,000 in 2020. Record the journal entries for pension expense, to fund the plan, and to pay benefits for 2020.

• Note: List multiple debits (when applicable) in alphabetical order and list multiple credits (when applicable) in alphabetical order.

Date	Account Name	Dr.	Cr.
Dec. 31, 2020	AnswerCashPlan AssetsAccrued Pension LiabilityProjected Benefit ObligationOCIPension Gain/LossOCIPrior Service CostPension Expense	Answer	Answer
	AnswerCashPlan AssetsAccrued Pension LiabilityProjected Benefit ObligationOCIPension Gain/LossOCIPrior Service CostPension Expense	Answer	Answer
	AnswerCashPlan AssetsAccrued Pension LiabilityProjected Benefit ObligationOCIPension Gain/LossOCIPrior Service CostPension Expense	Answer	Answer
	AnswerCashPlan AssetsAccrued Pension LiabilityProjected Benefit ObligationOCIPension Gain/LossOCIPrior Service CostPension Expense	Answer	Answer
	To record pension expense
Dec. 31, 2020	AnswerCashPlan AssetsAccrued Pension LiabilityProjected Benefit ObligationOCIPension Gain/LossOCIPrior Service CostPension Expense	Answer	Answer
	AnswerCashPlan AssetsAccrued Pension LiabilityProjected Benefit ObligationOCIPension Gain/LossOCIPrior Service CostPension Expense	Answer	Answer
	To record plan funding
Dec. 31, 2020	AnswerCashPlan AssetsAccrued Pension LiabilityProjected Benefit ObligationOCIPension Gain/LossOCIPrior Service CostPension Expense	Answer	Answer
	AnswerCashPlan AssetsAccrued Pension LiabilityProjected Benefit ObligationOCIPension Gain/LossOCIPrior Service CostPension Expense	Answer	Answer
	To record benefit payments

Please answer all parts of the question.

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