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ZZZ Company has the following defined benefit pension information for 2020: Plan Asset Fair Value, 1/1/20: $50,200,000 Plan Asset Fair Value, 12/31/20: $47,100,000 Projected Benefit

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ZZZ Company has the following defined benefit pension information for 2020: Plan Asset Fair Value, 1/1/20: $50,200,000 Plan Asset Fair Value, 12/31/20: $47,100,000 Projected Benefit Obligation: 1/1/20: $78,500,000 Pension Asset: $6,000,000 Service Cost: $4,765,000 Prior Service Cost enacted on 1/1/20: $5,000,000. Prior Service Cost will be amortized under the years of service method. Total service years are expected to be 250. There are 65 service years in 2020. Discount Rate: 3% Contributions: $5,900,000 Benefits Paid: $6,250,000 Directions: 1) Compute Pension Expense for 2020 2) Prepare the journal entry to record pension expense

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