Accumulated benefit obligation, 1/1/21 $485,000

Projected benefit obligation, 1/1/21 540,000

Plan assets, 1/1/21 510,000

Prior service costs, (Balance carry forward @ 1/1/21) 80,000

Settlement rate 9%

Expected rate 8%

Service cost 44,800

Contributions (funding) 62,000

Actual return on plan assets 42,330

Benefits paid to retirees 22,000

Prior service cost amortization for 2021 25,000

For 2021, complete the attached pension worksheet for Company Inc. and prepare the journal entry for pension expenses.