A City Has a Single-Employer Defined Benefit Pension Plan to Provide

A city has a single-employer defined benefit pension plan to provide retiree pension benefits to its Water Utility Enterprise Fund employees. The plan is administered in a trust that meets the GASB requirements. Assume that the actuary for the city's Electric Utility Enterprise Fund measures its net pension liability on December 31, 2019, which is its fiscal year-end. The actuary provides the following additional information in its reporting package to the city's accounting department for its use in preparing the Water Utility Enterprise Fund's December 31, 2019 financial statements.
$\begin{array}{lr}& \text { Fiscal Year Ending } & \text { Fiscal Year Ending } \\\text { Actuarial P rovided Account Inform ation } & \text { December 31,2018 } & \text { December 31, 2019 }\\ \hline\text { Net pension liability } & \$ 4,600,000 & \$ 4,600,000 \\\text { Deferred inflow of resources-investment } \\\text { gain } & 90,000&60,000\\\text { Deferred outflow of resources-economic } \\\quad \text { factors } & 150,000 &120,000 \\ \text { Deferred outflow of resources- } & \\\text { demographic factors }&160,000&120,000\end{array}$ The city contributed $1,000,000 cash to the pension plan during the fiscal year ending December 31, 2019. Prepare the journal entry to record the pension related activity, including the pension expense, for the city's Water Utility Enterprise Fund for its 2019 fiscal year.