Exercise 20-10 (Part Level Submission) Webb Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2014, the following balances relate to this plan. Plan assets $488,320 Projected benefit obligation 603,500 Pension asset/liability 115,180 Accumulated OCI (PSC) 101,930 Dr. As a result of the operation of the plan during 2014, the following additional data are provided by the actuary. Service cost $94,060 Settlement rate, 10% Actual return on plan assets 55,390 Amortization of prior service cost 23,670 Expected return on plan assets 52,090 Unexpected loss from change in projected benefit obligation, due to change in actuarial predictions 84,890 Contributions 104,800 Benefits paid retirees 94,100 Collapse question part (a) Using the data above, compute pension expense for Webb Corp. for the year 2014 by preparing a pension worksheet. WEBB CORP. Pension Worksheet General Journal Entries Memo Record Items Annual Pension Expense Cash OCIPrior Service Cost OCI Gain/ Loss Pension Asset/ Liability Projected Benefit Obligation Plan Assets Balance, Jan. 1, 2014 $ $ $ $ $ $ $ Service cost Interest cost Actual return Unexpected gain Amortization of PSC Liability increase Contributions Benefits Journal entry for 2014 $ $ Accumulated OCI, Dec. 31, 2013 Balance, December 31, 2014 $ $ $ $ $