Preparing a Pension Worksheet Levine Co. sponsored a defined benefit plan, which included January 1, 2020, balances of $7,000 and $6,720 in Plan Assets and Projected Benefit Obligation, respectively. During 2020, the company incurred $1,400 in service cost, made plan contributions of $294, and paid benefits to retirees for $210. The discount rate is 9% and the expected and actual rate of return on plan assets is 10%. Prepare a pension worksheet for 2020. Note: Use a negative sign for credits to accounts. Pension Worksheet Reported Net in Financial Statements Balance Sheet Net Pension Asset/Liability Income Statement Cash Pension Expense Plan Assets PBO Balance, January 1, 2020 $ 7,000 $ (6,720) $ 280 Service cost (1,400) (1,400) $ Outflow Interest cost (604.8) Expected return Contributions to fund Benefit payments Balance, December 31, 2020 $ $ $ $ 1,400