The following information is provided regarding a company's pension plan: 
Required:
a. Prepare the December 31 journal entry to record pension expense.
b. Explain the difference between "interest cost" and the "expected return on plan assets."
Definitions:
Product Costing
The process of determining the total cost involved in manufacturing a product, including materials, labor, and overhead costs.
Theoretical Standards
Optimally set benchmarks based on perfect conditions for performance and efficiency.
Motivate Employees
The process of encouraging employees to perform at their best through incentives, positive workplace culture, and recognition.
Standard Cost System
A cost accounting system that assigns expected costs to each product or service, facilitating comparison with actual costs to assess performance.
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