40 Points The following defined pension data of Kay-Mart, Inc. apply to the year 2016: $790,000 180,000 160.000 Service cost Contributions to the plan 44,000 Actual return on Plan Assets Expected Return on Plan assets 75,000 Prior Service Cost (OCI) balance (1/1/16) 800,000 Projected Benefit Obligation balance 1/1/16) 10,000 Accrued Pension Liability balance (1/1/16) 14,000 Prior Service Cost Amortization 10% Settlement/Discount Rate 75,000 Benefits paid to retirees Instructions 1. Complete the attached pension worksheet for Kay-Mart and show the journal entry(s) required to recognize pension costs. worksheet should include year-end balances for 2016 2. Explain how the balances determined in instruction 1 would be shown in the financial statements by completing the table below. Be specific and state for each account which financial statement the account would appear (if at all and where in the financial statements current asset, stockholder's equity Which Financial T What Section of the Account Financial Statement Statement Pension Expense Cash Pension Liability Projected Benefit obligation Plan Assets