Skysong Toothpaste Company initiates a defined benefit pension plan for its 50 employees on January 1, 2017. The insurance company which administers the pension plan provided the following selected information for the years 2020, 2021, and 2022. For Year Ended December 31, 2020 2021 2022 Plan assets (fair value) $50,000 $84,700 $180,170 Accumulated benefit obligation 45,000 164,600 292,700 Projected benefit obligation 60,000 199,600 323,600 Net (gain) loss (for purposes of corridor calculation) 0 78,600 82,445 Employers funding contribution (made at end of year) 50,000 60,000 105,500 There were no balances as of January 1, 2020, when the plan was initiated. The actual and expected return on plan assets was 10% over the 3-year period, but the settlement rate used to discount the companys pension obligation was 13% in 2020, 11% in 2021, and 8% in 2022. The service cost component of net periodic pension expense amounted to the following: 2020, $60,000; 2021, $84,700; and 2022, $117,800. The average remaining service life per employee is 12 years. No benefits were paid in 2020, $30,300 of benefits were paid in 2021, and $18,500 of benefits were paid in 2022 (all benefits paid at end of year).

Calculate the amount of net periodic pension expense that the company would recognize in 2020, 2021, and 2022.

Pension expense for 2020

$ Pension expense for 2021 $

Pension expense for 2022 $

Prepare the journal entries to record net periodic pension expense, employers funding contribution, and related pension amounts for the years 2020, 2021, and 2022.

Dec. 31, 2020

Dec. 31, 2021

Dec. 31, 2022