Using the information in E20-2, prepare a pension worksheet inserting January 1, 2014, balances, showing December 31, 2014, balances, and the journal entry recording pension expense.

Data From E 20-2:

Veldre Company provides the following information about its defined benefit pension plan for the year 2014.

Service cost                                                                $ 90,000
Contribution to the plan                                              105,000
Prior service cost amortization                                     10,000
Actual and expected return on plan assets                    64,000
Benefi ts paid                                                                 40,000
Plan assets at January 1, 2014                                    640,000
Projected benefi t obligation at January 1, 2014        700,000
Accumulated OCI (PSC) at January 1, 2014              150,000
Interest/discount (settlement) rate                                     10%

Instructions
Compute the pension expense for the year 2014.