At the end of 2022, the balances in the accounts related to the defined benefit pension plan of the Bishop Company were as follows:

Projected benefit obligation 990,000

Unrecognized prior service cost (remainder to be amortized over 12 years) 82,500

Unrecognized net loss 144,000

Plan assets (at fair value) 785,625

On 1/1/23, Bishop amended the plan to provide an increased amount of pension benefits; the prior service cost resulting from this amendment was $52,000. At 1/1/23, the average remaining service life of employees expected to receive benefits was 12 years.

The following information relates to the year 2023:

Service Cost 131,625

Settlement rate 6%

Expected rate of return on plan assets 5%

Plan contribution (at year-end) 118,500

Benefit payments to retirees (at year-end) 101,250

In 2023, Bishops actual return on plan assets was $48,000. Bishop follows a policy of recognizing gains/losses on a delayed basis using the "corridor approach". At the end of 2023, 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 $29,000.

Required:

a. Prepare Bishops pension worksheet, and prepare the journal entry that Bishop would make to record the expense calculated.

b. Which items will be reported on the financial statements for 2023 and where will they be reported?

c. Prepare the pension note required for the 12/31/23 financial statements.

Please create the table for the pension worksheet and please show the calculations and where they come from so i can understand how to solve future questions like this. especially the calculations for the pension worksheet