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The following information is available for the pension plan of Martinez Company for the year...

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Accounting

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The following information is available for the pension plan of Martinez Company for the year 2020. Actual and expected return on plan assets Benefits paid to retirees Contributions (funding) Interest/discount rate Prior service cost amortization Projected benefit obligation, January 1, 2020 Service cost $ 15,500 38,300 88,400 9 % 8,500 550,000 61,100 Compute pension expense for the year 2020. Pension expense for 2020 Prepare the journal entry to record pension expense and the employer's contribution to the pension plan in 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Account Titles and Explanation Debit Credit

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