The following information is available for the pension plan of Radcliffe Company for the year 2022.

Interest revenue on plan assets .................... $ 15,000
Benefits paid to retirees .................................... 40,000
Contributions (funding) ..................................... 90,000
Discount (interest) rate .......................................... 10%
Defined benefit obligation, January 1, 2022 .... 500,000
Service cost ............................................................ 60,000

Instructions

a. Compute pension expense for the year 2022.

b. Prepare the journal entry to record pension expense and the employer’s contribution to the pension plan in 2022.