Current Attempt in Progress

The following facts apply to the pension plan of Cullumber Inc. for the year $2020.$

Plan assets, January $1,2020,$$$501,700$

Projected benefit obligation, January $1,2020501,700$

Settlement rate

$8\%$

Service cost

$43,600$

Contributions $($funding$),25,400$

Actual and expected return on plan assets $,52,100$

$\{\begin{array}{ccc}\text{:}& \text{B}\text{e}\text{n}\text{e}\text{f}\text{i}\text{t}\text{s}\text{p}\text{a}\text{i}\text{d}to\text{r}\text{e}\text{t}\text{i}\text{r}\text{e}\text{e}\text{s}& \end{array}33,600$

Using the preceding data, compute pension expense for the year $2020.$ As part of your solution, prepare a pension worksheet that

shows the journal entry for pension expense for $2020$ and the year$-$end balances in the related pension accounts. $($Enter all amounts as

positive.$)$