U.S. Metallurgical Incorporated reported the following balances in its financial statements and disclosure notes at December 31, 2023. $ 400,000 320,000 Plan assets Projected benefit obligation 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? 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.

US. Metallurgical Incorporated reported the following balances in its financial statements and disclosure notes at December 31,2023 Plan assets Projected benefit ob1igation 5400,000 US.M's actuary determined that 2024 service cost 15$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 ? 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 jourrial entries to record the (a) pension expense, (b) funding of plan assets, and (c) retiree benefit payments