Webb Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2019, the following balances relate to this plan.

Plan assets.................................................$480,000

Defined benefit obligation.........................600,000

Pension asset/liability................................120,000

Accumulated OCI.................................................-0-

As a result of the operation of the plan during 2019, the following additional data are provided by the actuary.

Service cost for 2019........................................................................................................$90,000

Discount (interest) rate.............................................................................................................6%

Actual return on plan assets in 2019................................................................................55,000

Unexpected loss from change in defined benefit obligation, due to change in 

actuarial predictions........................................................................................................... 76,000

Contributions in 2019..........................................................................................................99,000

Benefits paid retirees in 2019............................................................................................85,000

Instructions

a. Using the data above, compute pension expense for Webb Corp. for the year 2019 by preparing a pension worksheet.

b. Prepare the journal entry for pension expense for 2019?