Measuring and Recording Pension Expense
the Following Information Relates to the Defined

Measuring and recording pension expense
The following information relates to the defined benefit pension plan for Tang Ltd. for 2020. The corporation uses ASPE. $\begin{array}{lr}\text{ Defined benefit obligation, Jan 1 } ................................... & \$ 1,147,000 \\\text{ Fair value of plan assets, Jan 1 } ......................................& 1,225,000 \\\text{ Current service cost} ........................................................& 314,000 \\\text{Contributions } ................................................................. & 290,000 \\\text{ Interest rate for obligation }.............................................& 7\% \\\text{ Expected \& actual return on plan assets } ........................ & 6\% \\\text{ Actuarial gain. } ............................................................... & 26,000 \\ \end{array}$ Instructions
a) Calculate the pension expense to be reported for 2020.
b) Prepare the journal entries to record pension expense and the employer's contributions for 2020.