(L01,2,3,4) (Pension Worksheet) Webb Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2017, the following balances relate to this plan.

Plan assets $480,000 Projected benefi t obligation 600,000 Pension asset/liability 120,000 Accumulated OCI (PSC) 100,000 Dr.

As a result of the operation of the plan during 2017, the following additional data are provided by the actuary.

Service cost $90,000 Settlement rate, 9%

Actual return on plan assets 55,000 Amortization of prior service cost 19,000 Expected return on plan assets 52,000 Unexpected loss from change in projected benefi t obligation, due to change in actuarial predictions 76,000 Contributions 99,000 Benefi ts paid retirees 85,000 Instructions

(a) Using the data above, compute pension expense for Webb Corp. for the year 2017 by preparing a pension worksheet.

(b) Prepare the journal entry for pension expense for 2017.