(LO1,2,3,4,5) (Pension Worksheet) Larson Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2018, the following balances related to this plan.

Plan assets (market-related value) $270,000 Projected benefi t obligation 340,000 Pension asset/liability 70,000 Cr.

Prior service cost 90,000 OCI—Loss 39,000 As a result of the operation of the plan during 2018, the actuary provided the following additional data for 2018.
Service cost $45,000 Actual return on plan assets 27,000 Amortization of prior service cost 12,000 Contributions 65,000 Benefi ts paid retirees 41,000 Settlement rate 7%
Expected return on plan assets 8%
Average remaining service life of active employees 10 years Instructions

(a) Compute pension expense for Larson Corp. for the year 2018 by preparing a pension worksheet that shows the journal entry for pension expense.

(b) Indicate the pension amounts reported in the financial statements.