Sheridan, Inc. received the following information from its pension plan trustee concerning the operation of the company's defined-benefit pension plan for the year ended December 31, 2021: Projected benefit obligation Fair value of plan assets Accumulated benefit obligation Accumulated OCI-(PSC) January 1, 2021 $2,570,000 1,320,000 1,937,000 547,000 December 31, 2021 $2.920,000 1,670,000 2,627,000 303,500 The service cost component for 2021 is $143,500 and the amortization of prior service cost is $243,500. The company's actual funding of the plan in 2021 amounted to $507,000. The expected return on plan assets and the settlement rate were both 9%. Determine the pension expense to be reported in 2021. Pension expense $ Prepare the journal entry to record pension expense and the employer's contribution to the pension plan in 2021. (Credit account titles are automatically Indented when amount is entered. Do not indent manually)

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Employee Benefits

In an organization employees are the most important resource and most important asset. They can lead an organization to the sky or can be the reason for unsuccessful of business. Therefore, it is very much important that employees of an organization should be satisfied by the environment of the organization and most importantly with the salary, wages incentives, etc.