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Problem 19-7 Cullumber Corporation applies ASPE and sponsors a defined benefit pension plan. The following pension plan information is available for 2020 and 2021: 2020 2021 Plan assets (fair value), December 31 $512,100 $649,000 Defined benefit obligation, January 1 605,000 702,000 Net defined benefit liability (asset), January 1 236,300 ? Current service cost 64,950 85,000 Actual return on plan assets 23,800 46,800 Funding of current service cost 62,000 85,000 Funding of past service costs 80,000 57,000 Benefits paid ? ? Interest/discount rate 9% 9% The pension fund paid out benefits in each year. There were no actuarial gains or losses incurred on the DBO in the two-year period.

Calculate pension expense for 2020 and 2021. Pension expense, 2020 $ Pension expense, 2021 $

Prepare all journal entries to record the pension expense and the company's pension plan funding for both years. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit 2020 (To record pension expense.) 2020 (To record contributions to the pension fund.) 2021 (To record pension expense.) 2021 (To record contributions to the pension fund.)

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