U$.$S$.$ Metallurgical Incorporated reported the following balances in its financial statements and disclosure notes at December $31,2023.$

Plan assets

Projected benefit obligation

$$440,000$

$250,00$

U$.$S$.$M$.\text{'}$s actuary determined that $2024$ service cost is $$64,000.$ Both the expected and actual rate of return on plan assets are $10\%.$ The Interest $($discount$)$ rate is $6\%.$ U$.$S$.$M$.$ contributed $$124,000$ to the pension fund at the end of $2024,$ and retirees were pald $$48,000$ from plan assets.

Requlred:

What is the pension expense at the end of $2024?$

What is the projected benefit obligation at the end of $2024?$

What is the plan assets balance at the end of $2024?$

What is the net pension asset or net pension liability at the end of $2024?$

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 $5$

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 joumal entry required" in the first account field. Enter your answe thousands $($i$.$e$.,10,000$ should be entered as $10).$

$\backslash$table$[[$No$,$Transaction,General Journal,Debit,Credit$],[1,1,$Pension expense,$35,],[,,$Plan assets,,$],[,,$PBO,,$],[,,,,],[,2,$Plan assets,$124,],[,,$Cash,,$]]$

Fert $5$