8. Howard Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2020, the following balances related to this plan. Plan assets (fair value) $2,200,000 Projected benefit obligation 2,400,000 Pension asset/liability 200,000 Cr. Prior service cost 300,000 OCI - Loss 260,000 As a result of the operation of the plan during 2020, the actuary provided the following additional data at December 31, 2020. Service cost for 2020 $280,000 Actual return on plan assets in 2020 180,000 Amortization of prior service cost 60,000 Contributions in 2020 460,000 Benefits paid retirees in 2020 320,000 Settlement rate 7% Expected return rate 8% Average remaining service life of active employees 10 years Instructions (a) Compute pension expense for Howard Corp. for the year 2020 by preparing a pension worksheet. (b) Prepare the journal entry for pension expense. Howard Corp. Pension Worksheet-2020 General Journal Entries Memo Record OCI Prior Annual Pension Expense Projected Benefit Service Cost OCI Pension Plan Cash Gain/Loss Asset/Liability Obligation Assets Balance, Jan. 1, 2020 Service cost Interest cost Actual return Unexpected gain Amortization of PSC Amortization of loss Contributions Benefits Journal entry for 2020 Accumulated OCI, Dec. 31, 2019 Balance, Dec. 31, 2020