Using the information in E20.19, prepare a worksheet inserting January 1, 2020, balances, and showing December 31, 2020, balances. Prepare the journal entry recording post-retirement benefit expense.

Service cost................................................................$ 45,000
Contribution to the plan..............................................10,000
Actual and expected return on plan assets...............11,000
Benefits paid..................................................................20,000
Plan assets at January 1, 2020...................................110,000
Accumulated post-retirement benefit obligation
at January 1, 2020......................................................330,000
Discount rate.......................................................................8%