Laker Company has a noncontributory defined benefit pension plan. The company must record its pension expense for the year ended December 31, 2020. The following data are available (\$ thousands).

Required

a. Create a worksheet to summarize the pension data at the end of 2020. Assume that Laker uses the corridor approach in amortizing any pension gain/loss.

b. Provide Laker's pension entries at December 31, 2020.

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Activity 2020 Account Balances Jan 1, 2020 Service cost $ 60 Accumulated OCI-Prior Service Cost.... $ 72 Dr. Interest cost (at 8%). 48 Loss on PBO due to actuarial changes Accumulated OCI-Pension Gain/Loss. Projected Benefit Obligation... 8 Dr. 600 Cr. determined Dec. 31, 2020.. 20 Plan Assets.. 400 Dr. Pension benefit paid to retirees 200 Actual return on plan assets.. 36 Employer contributions... Pension benefits paid.. 120 Other 200 Average remaining service period 10 years Expected return on plan assets.. 10%