tes U.S. Metallurgical Incorporated reported the following balances in its financial statements and disclosure notes at December 31, 2023. Plan assets Projected benefit obligation $460,000 350,000 U.S.M.'s actuary determined that 2024 service cost is $66,000. Both the expected and actual rate of return on plan assets are 10%. The interest (discount) rate is 6%. U.S.M. contributed $126,000 to the pension fund at the end of 2024, and retirees were paid $50,000 from plan assets. Required: 1. What is the pension expense at the end of 2024? 2. What is the projected benefit obligation at the end of 2024? 3. What is the plan assets balance at the end of 2024? 4. What is the net pension asset or net pension liability at the end of 2024? 5. Prepare journal entries to record the (a) pension expense, (b) funding of plan assets, and (c) retiree benefit payments. Required: 1. What is the pension expense at the end of 2024? 2. What is the projected benefit obligation at the end of 2024? 3. What is the plan assets balance at the end of 2024? 4. What is the net pension asset or net pension liability at the end of 2024? 5. Prepare journal entries to record the (a) pension expense, (b) funding of plan assets, and (c) retiree benefit payments. Complete this question by entering your answers in the tabs below. Req 1 to 4 Req 5 1. What is the pension expense at the end of 2024? 2. What is the projected benefit obligation at the end of 2024? 3. What is the plan assets balance at the end of 2024? 4. What is the net pension asset or net pension liability at the end of 2024? Note: Enter your answers in thousands (i.e., 10,000 should be entered as 10). 1. Pension expense 2. Projected benefit obligation 3. Plan assets December 31, 2024 4. Show less A Book ferences Prepare journal entries to record the (a) pension expense, (b) funding of plan assets, and (c) retiree benefit payments. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in thousands (i.e., 10,000 should be entered as 10). View transaction list Journal entry worksheet 1 2 3 Record the pension expense. Note: Enter debits before credits. ences View transaction list Journal entry worksheet < 1 N Record funding of plan assets. Note: Enter debits before credits. Transaction General Journal Debit Credit 2 ok ences Complete this question by entering your answers in the tabs below. Req 1 to 4 Req 5 Prepare journal entries to record the (a) pension expense, (b) funding of plan assets, and (c) Note: If no entry is required for a transaction/event, select "No journal entry required" in the thousands (i.e., 10,000 should be entered as 10). View transaction list Journal entry worksheet < 1 2 Record retiree benefit payments. Note: Enter debits before credits. Transaction 3 General Journal Debit Credit