Using the information in E20.2, prepare a pension worksheet inserting the January 1, 2022 and December 31, 2022, balances, and the journal entry recording pension expense.

E20.2

Veldre SpA provides the following information about its defined benefit pension plan for the year 2022.

Service cost ................................................................. € 90,000
Contribution to the plan ............................................ 105,000
Benefits paid ................................................................. 40,000
Plan assets at January 1, 2022 .................................. 640,000
Defined benefit obligation at January 1, 2022 ........ 700,000
Discount (interest) rate ................................................... 10%