(Pension Worksheet) Larson Corp. sponsors a defined-benefit pension plan for its employees. On January 1, 2011, the following balances related to this plan.

Plan assets (market-related value) ? ? ? ? ? ? ? ? $270,000

Projected benefit obligation ? ? ? ? ? ? ? ? ? ? ? ? ? ? 340,000

Pension asset/liability? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?70,000 Cr.

Prior service cost? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?90,000

OCI?Loss? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?39,000

(a) As a result of the operation of the plan during 2011, the actuary provided the following additional data at December 31, 2011.

(b) Compute pension expense for Larson Corp. for the year 2011 by preparing a pension worksheet that shows the journal entry for pension expense.

(c) Indicate the pension amounts reported in the financial statements.

Service cost for 2011 Actual return on plan assets in 2011 Amortization of prior service cost Contributions in 2011 Benefits paid retirees in 2011 Settlement rate Expected return on plan assets Average remaining service life of active employees $ 45,000 27,000 12,000 65,000 41,000 7% 8% 10 years