2 of 6 The following defined pension data of Waterway Corp. apply to the year 2020. Projected benefit obligation, 1/1/20 (before amendment) Plan assets, 1/1/20 Pension liability $548,000 533,900 14,100 On January 1, 2020, Waterway Corp., through plan amendment, grants prior service benefits having a present value of 118,000 Settlement rate 8 % Service cost 56,800 Contributions (funding) 60,500 Actual (expected) return on plan assets 48,600 Benefits paid to retirees 41,400 Prior service cost amortization for 2020 18,200 For 2020, prepare a pension worksheet for Waterway Corp. that shows the journal entry for pension expens balances in the related pension accounts. (Enter all amounts as positive.) Items Balance, Dec. 31, 2019 Prior service cost Annual Pension Expense Balance, Jan. 1, 2020 Service cost 56800 Dr. Interest cost 43840 Cr. Actual return Amortization of PSC 18200 Contributions Benefits Journal entry for 2020 Accumulated OCI, Dec. 31, 2019 Balance, Dec. 31, 2020 Cash 60500 Cr. 70240 Dr. 60500 Cr. Question 2 of 6 < > $ OCI-Prior Service Cost 118000 Dr. 18200 99800 Dr. Asset/ Liability 14100 Cr 109540 0.77/1 E Projected Benc Obligation 548000 118000 56800 43840 41400 177240 99800 Dr. $ 123640 Cr 725240