Exercise 20-4 The following facts apply to the pension plan of Buffalo 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 $563,200 563,200 8% 40,900 27,500 53,600 33,100 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.) BUFFALO INC. Pension Worksheet-2017 General Journal Entries emo Recor Annual Pension Expense Pension Asset/Projected Benefit Plan Assets Items Cash Liability Obligation Balance, January 1, 2017 Service cost Interest cost Actual return Contributions Benefits Journal entry, December 31 s Balance, December 31, 2017