Sheridan, Inc. received the following information from its pension plan trustee concerning the operation of the company's defin benefit pension plan for the year ended December 31, 2021: The service cost component for 2021 is $143,500 and the amortization of prior service cost is $243,500. The company's actua funding of the plan in 2021 amounted to $507,000. The expected return on plan assets and the settlement rate were both 9%. (a) Your answer is correct. Determine the pension expense to be reported in 2021. Prepare the journal entry to record pension expense and the employer's contribution to the pension plan in 2021. (Credit acc titles are outomatically indented when amount is entered. Do not indent manually.)