The following information is available for the pension plan of Concord Company for the year 2020.
Actual and expected return on plan assets : $15,000
Benefits paid to retirees : 39,300
Contributions (funding) : 84,400
Interest/discount rate : 10%
Prior service cost amortization : 8,100
Projected benefit obligation, January 1, 2020 : 490,000
Service cost : 56,600
a. Compute pension expense for the year 2020.
b. Prepare the journal entry to record pension expense and the employer's contribution to the pension plan in 2020.