Hanson Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2025, the following balances related to this plan.

As a result of the operation of the plan during 2025, the actuary provided the following additional data for 2025.

Instructions

Using the preceding data, compute pension expense for Hanson for the year 2025 by preparing a pension worksheet that shows the journal entry for pension expense. Use the market-related asset value to compute the expected return and for corridor amortization.

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Plan assets (market-related value) Projected benefit obligation Pension asset/liability Prior service cost Net gain or loss (debit) $520,000 700,000 180,000 Cr. 81,000 91,000