The village of Welchs general government employees participate in the villages defined contribution plan. During 2022, the village made $640,000 in cash contributions to its employees individual defined contribution pension retirement accounts. Based on benefit terms, the village of Welch needs to contribute an additional $80,000 during 2022, which had not been contributed by year end. Prepare the journal entries to record the cash contributions and any required year-end accrual. (Assume all entries are made in the village of Welchs General Fund.)