Exercise 20-07

The following defined pension data of Sweet Corp. apply to the year 2020.

Projected benefit obligation, 1/1/20 (before amendment)		$569,000
Plan assets, 1/1/20		556,100
Pension liability		12,900
On January 1, 2020, Sweet Corp., through plan amendment, grants prior service benefits having a present value of		120,000
Settlement rate		9	%
Service cost		57,300
Contributions (funding)		63,800
Actual (expected) return on plan assets		52,300
Benefits paid to retirees		37,700
Prior service cost amortization for 2020		16,200

For 2020, prepare a pension worksheet for Sweet Corp. that shows the journal entry for pension expense and the year-end balances in the related pension accounts.