At the end of 2019, the balances in the accounts related to the defined benefit pension plan of the Mansfield Company were as follows:

Projected benefit obligation $1,470,000

Unrecognized prior service cost (remainder to be amortized over 12 years) 108,000

Unrecognized net loss 192,000

Plan assets (at fair value) 1,087,500

Pension liability 382,500

On 1/1/20, Mansfield amended the plan to provide an increased amount of pension benefits; the prior service cost resulting from this amendment was $60,000. At 1/1/20, the average remaining service life of employees expected to receive benefits was 12 years.

The following information relates to the year 2020:

Service Cost $184,500

Settlement rate 8%

Expected rate of return on plan assets 7%

Plan contribution (at year-end) 135,000

Benefit payments to retirees (at year-end) 120,000

In 2020, Mansfields actual return on plan assets was $80,000. Mansfield follows a policy of recognizing gains/losses on a delayed basis using the "corridor approach". In 2020, there was one change in the estimates and assumptions relating to computation of the projected benefit obligation, resulting in an increase in the PBO of $48,000.

Required:

1. Prepare Mansfields pension worksheet, and prepare the journal entry that Mansfield would make to record the expense calculated.
2. Prepare the pension note required for the 12/31/20 financial statements.