Problem 1 (10 Points). Honesty Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2021, the following balances related to this plan. (15 Points) Plan assets (fair value) 600,000 Defined benefit obligation 800,000 Pension asset/liability 200,000 Cr. As a result of the operation of the plan during 2021, the actuary provided the following additional data at December 31, 2021. Service cost for 2021 80,000 Actual return on plan assets in 2021 63,000 Past service cost, effective Jan. 1 130,000 Contributions in 2021 120,000 Benefits paid retirees in 2021 80,000 Discount rate 9% Average remaining service life of active employees 10 years Instructions (a) Compute pension expense for Honesty Corp. for the year 2021 by preparing a pension worksheet (b) Prepare the journal entry for pension expense