8. Howard Corp. sponsors a defined-benefit pension plan for its employees. Un January 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 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. 7%