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Coronado Company sponsors a defined benefit pension plan. The following information related to the pension plan is available for 2020 and 2021.
| | | 2020 | | 2021 |
| Plan assets (fair value), December 31 | | $733,950 | | | $891,450 | |
| Projected benefit obligation, January 1 | | 735,000 | | | 840,000 | |
| Pension asset/liability, January 1 | | 147,000 | Cr. | | ? | |
| Prior service cost, January 1 | | 262,500 | | | 252,000 | |
| Service cost | | 63,000 | | | 94,500 | |
| Actual and expected return on plan assets | | 25,200 | | | 31,500 | |
| Amortization of prior service cost | | 10,500 | | | 12,600 | |
| Contributions (funding) | | 120,750 | | | 126,000 | |
| Accumulated benefit obligation, December 31 | | 525,000 | | | 577,500 | |
| Interest/settlement rate | | 10 | % | | 10 | % |
Compute pension expense for 2020 and 2021.
| Pension expense for 2020 | | $ |
| Pension expense for 2021 | | $ |
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