The following defined benefit pension plan data for Kay$-$Mart, Inc. apply to the year $2023$:

Plan Assets balance $(1/1/23)$ $$790,000$

Service cost $180,000$

Contributions to the plan $160,000$

Actual return on Plan Assets $44,000$

Expected Return on Plan assets $8\%$

Prior Service Cost $($OCI$)$ balance $(1/1/23)75,000$

Projected Benefit Obligation balance $(1/1/23)800,000$

Accrued Pension Liability balance $(1/1/23)10,000$

Prior Service Cost Amortization $14,000$

Settlement$/$Discount Rate $10\%$

Benefits paid to retirees $75,000$

Instructions

$1.$ Complete the attached pension worksheet for Kay$-$Mart and show the journal entry$($s$)$ required to recognize pension costs. $($The worksheet should include year$-$end balances for $2023)$

$2.$ Explain how the balances determined in instruction $1$ would be shown in the financial statements by completing the table below. Be specific and state for each account which financial statement the account would appear $($if at all$)$ and where in the financial statements e$.$g$.,$ current asset, stockholder$$s equity.

Account Which Financial Statement What Section of the Financial Statement

Pension Expense

Cash

Pension Liability

Projected Benefit Obligation

Plan AssetsJournal Entries

$\backslash$table$[[$Items$,\backslash$table$[[$Annual$],[$Pension$],[$Expense$]],$Cash,$\backslash$table$[[OCl$