Hanson Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2020, the following balances related to this plan.

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

As a result of the operation of the plan during 2020, the actuary provided the following additional data for 2020.

Service cost..................................................................$108,000
Settlement rate, 9%; expected return rate, 10%
Actual return on plan assets..........................................48,000
Amortization of prior service cost.................................25,000
Contributions.................................................................133,000
Benefits paid retirees......................................................85,000
Average remaining service life of active employees 10 years

Instructions

Using the preceding data, compute pension expense for Hanson Corp. for the year 2020 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.