Webb Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2012, the following balances relate to this plan.

Plan assets                                             $480,000
Projected benefit obligation                     600,000
Pension asset/liability                              120,000
Accumulated OCI (PSC)                          100,000

As a result of the operation of the plan during 2012, the following additional data are provided by the actuary.

Instructions
  (a) Using the data above, compute pension expense for Webb Corp. for the year 2012 by preparing a pension worksheet.
  (b) Prepare the journal entry for pension expense for 2012.