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E20.11B (LO 1,2,3,4,5) (Pension Expense, Journal Entries, Statement Presentation) Westem Zoo Corporation sponsors a defined benefit pension plan for its employees. The following data relate to the operation of the plan for the year 2020 in which no benefits were paid: 1. The actuarial present value of future benefits eamed by employees for services rendered in 2020 amounted to $186,000 2. The company's funding policy requires a contribution to the pension trustee amounting to $95,000 for 2020, 3. As of January 1, 2020, the company had a projected benefit obligation of $2,400,000, an accumulated benefit obligation of $2,000,000, and accumulated OCI (PSC) of $900,000. The fair value of pension plan assets amounted to $1,500,000 at the beginning of the year. The market-related asset value was equal to $1,500,000. The actual and expected return on plan assets was $90,000. The settlement rate was 8%. No gains or losses occurred in 2020 and 550,000 of benefits was paid. 4. Amortization of prior service cost was $45,000 in 2020. Amortization of net gain or loss was not required in 2020. Instructions ta) Determine the amounts of the components of pension expense that should be recognized by the company in 2020, b) Prepare the journal entry or entries to record pension expense and the employer's contribution to the pension trust in 2020, to) Indicate the amounts that would be reported on the income statement and the balance sheet for the year 2020