Presented Below Is Information Related to Jones Department Stores, Inc

Presented below is information related to Jones Department Stores, Inc. pension plan for 2015. $$\begin{array} { l r } \text { Accumulated benefit obligation (at year-end) } & \$ 600,000 \\\text { Service cost } & 540,000 \\\text { Funding contribution for 2015 } & 480,000 \\\text { Settlement rate used in actuarial computation } & 10 \% \\\text { Expected return on plan assets } & 9 \% \\\text { Amortization of PSC (due to benefit increase) } & 100,000 \\\text { Amortization of net gains } & 48,000 \\\text { Projected benefit obligation (at beginning of period) } & 470,000 \\\text { Fair value of plan assets (at beginning of period) } & 360,000\end{array}$$
Instructions
(a) Compute the amount of pension expense to be reported for 2015. (Show computations.)(b) Prepare the journal entry to record pension expense and the employer's contribution for 2015.