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

Plan assets................................................$480,000
Projected benefit obligation.....................600,000
Pension asset/liability................................120,000
Accumulated OCI (PSC)..............................100,000 Dr.

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

Service cost...................................................................................$90,000
Settlement rate, 9%
Actual return on plan assets.........................................................55,000
Amortization of prior service cost................................................19,000
Expected return on plan assets....................................................52,000
Unexpected loss from change in projected benefit obligation,
due to change in actuarial predictions........................................76,000
Contributions..................................................................................99,000
Benefits paid retirees.....................................................................85,000

Instructions

a. Using the data above, compute pension expense for Webb Corp. for the year 2020 by preparing a pension worksheet.

b. Prepare the journal entry for pension expense for 2020.