Concord Corp. sponsors a defined$-$benefit pension plan for its employees. On January $1,2026,$ the following balances related to this

plan.

As a result of the operation of the plan during $2026,$ the actuary provided the following additional data at December $31,2026.$

Service cost for $2026$

Actual return on plan assets in $2026$

Amortization of prior service cost

Contributions in $2026$

Benefits paid retirees in $2026$

Settlement rate

Expected return rate

$$77,000$

$56,940$

$20,600$

$122,000$

$87,000$

$8\%$

$9\%$

Average remaining service life of active employees $10$ years

Compute pension expense for Concord Corp. for the year $2026$ by preparing a pension worksheet.

Prepare the journal entry for pension expense. $($Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.$)$