The following information is available for Ivanhoe Corporations pension plan for the 2020 fiscal year:

Defined benefit obligation, 1/1/20, accounting basis, before plan amendment		$277,000
Fair value of plan assets, 1/1/20		313,000
Current service cost		63,900
Discount rate		12%
Actual return on plan assets		10%
Contributions (funding)		78,700
Benefits paid to retirees		42,900

On January 1, 2020, Ivanhoe Corp. amended its pension plan, resulting in past service costs with a present value of $140,200. Ivanhoe follows ASPE.

Calculate pension expense for 2020.

Pension expense

$enter Pension expense in dollars

Prepare journal entries to record the expense and funding for the year. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Account Titles and Explanation	Debit	Credit
select an account title to record pension expense Net Defined Benefit Liability/AssetPension Contributions PayablePension ExpenseContributionsCash	enter a debit amount	enter a credit amount
select an account title to record pension expense ContributionsNet Defined Benefit Liability/AssetPension ExpenseCashPension Contributions Payable	enter a debit amount	enter a credit amount
(To record pension expense.)
select an account title to record contributions to the pension fund Pension Contributions PayablePension ExpenseContributionsNet Defined Benefit Liability/AssetCash	enter a debit amount	enter a credit amount
select an account title to record contributions to the pension fund Pension ExpenseNet Defined Benefit Liability/AssetContributionsPension Contributions PayableCash	enter a debit amount	enter a credit amount
(To record contributions to the pension fund.)

Determine the balance of the net defined benefit liability/asset reported on the December 31, 2020 balance sheet.

Net defined benefit select asset or liability assetliability, December 31, 2020

$enter a dollar amount