Exercise 20-4 The following facts apply to the pension plan of Cheyenne Inc. for the year 2017, Plan assets, January 1, 2017 Projected benefit obligation, January 1, 2017 Settlement rate Service cost Contributions (funding) Actual and expected return on plan assets Benefits paid to retirees $525,500 525,500 8 36,800 23,800 49,800 30,300 Using the preceding data, compute pension expense for the year 2017. As part of your solution, prepare a pension worksheet that shows the journal entry for pension expense for 2017 and the year-end balances in the related pension accounts. (Enter all amounts as positive) CHEYENNE INC. Pension Worksheet-2017 General Journal Entries Pension Asset/ Cash Liability Annual Pension Expense Memo Record Projected Benefit Plan Obligation Assets Items > Balance, January 1, 2017 le > Contributions V > Benefits