- 120 Question 23 of 23 Plan assets, January 1, 2020 Projected benefit obligation, January 1, 2020 Settlement rate Service cost Contributions (funding) Actual and expected return on plan assets Benefits paid to retirees $558,800 558,800 83 36,000 26,600 50.700 35,300 Using the preceding data, compute pension expense for the year 2020. As part of your solution, prepare a pension worksheet that shows the journal entry for pension expense for 2020 and the year-end balances in the related pension accounts. (Enter all amounts as positive.) General Journal Entrie Annual Pension Expense Items Cash $ $ Balance, January 1, 2020 Service cost Interest cost Actual return Contributions Benefits Journal entry, December 31 Balance, December 31, 2020 Save for Later Attempts: 0 of 1 used Submit Ans SARASOTA INC. Pension Worksheet-2020 ntries Memo Recs Pension Asset/ Liability Projected Benefit Obligation $ $ $ $ er Memo Record Projected Benefit Obligation Plan Assets $ TA $