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		$486,570
Projected benefit obligation		601,900
Pension asset/liability		115,330
Accumulated OCI (PSC)		102,010	Dr.

As a result of the operation of the plan during 2014, the following additional data are provided by the actuary.

Service cost		$91,500
Settlement rate, 10%
Actual return on plan assets		62,680
Amortization of prior service cost		19,650
Expected return on plan assets		58,790
Unexpected loss from change in projected benefit obligation, due to change in actuarial predictions		85,230
Contributions		104,000
Benefits paid retirees		94,400

Using the data above, compute pension expense for Webb Corp. for the year 2014 by preparing a pension worksheet. WEBB CORP Pension Worksheet eneral Journal Entries Memo Recor Annual Pension OCI-Gain/ OCI-Prior Service C Pension Asset/ abilit Projected Benefit Obligation Plan Asse Cash Balance, Jan. 1, 2014 Service cost Interest cost Actual return Unexpected gain Amortization of PSC Liability increase Benefits Journal entry for 2014 Accumulated OCI, Dec. 31, 2013 Balance, December 31, 2014 Click if you would like to Show Work for this question: Open Show Work