Webb Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2022, the following balances relate to this plan.

Plan assets ......................................... $480,000
Defined benefit obligation ................. 600,000
Pension asset/liability ......................... 120,000
Accumulated OCI .......................................... –0–

As a result of the operation of the plan during 2022, the following additional data are provided by the actuary.

Service cost for 2022 ................................................................................ $90,000
Discount (interest) rate .................................................................................... 6%
Actual return on plan assets in 2022 ....................................................... 55,000
Unexpected loss from change in defined benefit obligation,
due to change in actuarial predictions ..................................................... 76,000
Contributions in 2022 ................................................................................ 99,000
Benefits paid retirees in 2022 .................................................................. 85,000

Instructions

a. Using the data above, compute pension expense for Webb Corp. for the year 2022 by preparing a pension worksheet.

b. Prepare the journal entry for pension expense for 2022.