At the end of the year, Loretto Company added its annual cash investment of $100,000 to its plan assets. The company’s pension expense totaled…

At the end of the year, Loretto Company added its annual cash investment of $100,000 to its plan assets. The company’s pension expense totaled $90,000 for the year. The plan made payments totaling $30,000 to Loretto’s retirees during the year. Prepare the appropriate journal entry to record the payments to its retirees.