The following facts apply to the pension plan of Yorke Inc. for the year 2022:

Plan assets, Jan. 1, 2022 $490,000

Defined benefit obligation, Jan. 1, 2022 389,000

Interest and expected earnings rate 8.5%

Annual pension service cost 40,000

Contributions (funding) 30,000

Benefits paid to retirees 33,400

Instructions

Calculate pension expense for the year 2022, and provide the journal entries to recognize the pension expense and funding for the year assuming that the company follows ASPE.