Exercise 20-04 The following facts apply to the pension plan of Blossom Inc. for the year 2020. Plan assets, January 1, 2020 $500,500 Projected benefit obligation, January 1, 2020 500,500 Settlement rate 8 % Service cost 43,600 Contributions (funding) 25,600 Actual and expected return on plan assets 45,300 Benefits paid to retirees 35,100 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.) BLOSSOM INC. Pension Worksheet-2020 General Journal Entries Pension Asset/ Cash Liability Annual Pension Expense Memo Record Projected Benefit Obligation Plan Assets Items Balance, January 1, 2020 $ $ Service cost a Interest cost Actual return Contributions Benefits I000000 0000000 judicii ii $ Journal entry, December 31 Balance, December 31, 2020 Dr. ) $ Click if you would like to Show Work for this question: Open Show Work