Your company sponsors a defined benefit pension plan. The following information related to the pension plan is available for 2019 and 2020. The plan was not amended to included prior service cost. 2019 Plan assets (fair value), December 31 Projected benefit obligation, January 1 Pension asset/liability, January 1 $ 656,000 2020 $ 799,000 657,000 757,000 120,000 Cr ? Prior service cost, January 1 220,000 210,000 Service cost 40,000 70,000 Actual and expected return on plan assets 26,000 32,000 Amortization of prior service cost 12,000 14,000 Contributions (funding) 105,000 115,000 Accumulated benefit obligation, December 31 400,000 450,000 Interest/settlement rate 7% 7% Instructions: (a) Compute pension expense for 2019 and 2020. 2019 2020 (b) Prepare the journal entries to record the pension expense and the company's funding of the pension plan for both years. 2019 2020 Debit Credit