LetsGo Inc. sponsors a defined benefit plan and determined that for the current year of 2020, service cost was 250,000, amortization of prior service cost was $1,800, interest cost was $21,100, and the expected (and ac- tual) return on plan assets was $18,000. LetsGo will contribute $45,000 to the plan for 2020 and payments to retirees totaled $15,000 in 2020. Record the journal entries for pension expense, to fund the plan, and to pay benefits for 2020.
