Sunland, Inc. received the following information from its pension plan trustee concerning the operation of the company's defined- benefit pension plan for the year ended December 31, 2021: Projected benefit obligation Fair value of plan assets Accumulated benefit obligation Accumulated OCT-(PSC) January 1, 2021 $2,580,000 1,330,000 1,938,000 548,000 December 31, 2021 $2,930,000 1,680,000 2,628,000 304,000 The service cost component for 2021 is $144,000 and the amortization of prior service cost is $244,000. The company's actual funding of the plan in 2021 amounted to $508,000. The expected return on plan assets and the settlement rate were both 7%. Your answer has been saved. See score details after the due date: Determine the pension expense to be reported in 2021 60 8 w Determine the pension expense to be reported in 2021. Pension expense $ 475500 Attempts: 1 of 1 used (b) Prepare the journal entry to record pension expense and the employer's contribution to the pension plan in 2021. (Credit account titles are automatically Indented when amount is entered. Do not Indent manually.) Account Titles and Explanation Debit Credit Sor Later Attempts: 0 of 1 used Submit Answer 04 w