U.S. Metallurgical Incorporated reported the following balances in its financial statements and disclosure notes at December 31, 2023 Plan assets Projected benefit obligation $ 400,000 320,000 U.S.M.'s actuary determined that 2024 service cost is $60,000. Both the expected and actual rate of return on plan assets are 9%. The Interest (discount) rate is 5%. U.S.M. contributed $120,000 to the pension fund at the end of 2024, and retirees were paid $44,000 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? 5 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 20242 4. What is the net pension asset or net pension liability at the end of 2024?. 32 Req 1 to 4 Req 5 es 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 4. December 31, 2024 Show less A 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 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 1 Record the pension expense. 2 Record funding of plan assets. 3 Record retiree benefit payments. EX Credit