Vaughn Company provides the following selected information related to its defined benefit pension plan for 2020. Pension asset/liability (January 1) $24,000 Cr. Accumulated benefit obligation (December 31) 403,200 Actual and expected return on plan assets 9,800 150,800 Contributions (funding) in 2020 Fair value of plan assets (December 31) 796,300 Settlement rate 10 % 703,900 Projected benefit obligation (January 1) Service cost 79,630 - Your answer is partially correct. Indicate the pension-related amounts that would be reported in the company's income statement and balance sheet for 2020. Vaughn Company Income Statement (Partial) For the Year Ended December 31, 2020 Operating Expenses Pension Expense $ 140220 Net Income /(Loss) Pension Expense $ 140220 Vaughn Company Balance Sheet (Partial) December 31, 2020 Liabilities Pension Liability GA $ 140200