Exercise 20-4 The following facts apply to the pension plan of Boudreau Inc. for the year 2014. Plan assets, January 1, 2014 $490,100 Projected benefit obligation, January 1, 2014 490,100 Settlement rate 8 % Service cost 40,610 Contributions (funding) 27,570 Actual and expected return on plan assets 48,490 Benefits paid to retirees 33,870 Using the preceding data, compute pension expense for the year 2014. As part of your solution, prepare a pension worksheet that shows the journal entry for pension expense for 2014 and the year-end balances in the related pension accounts. BOUDREAU INC. Pension Worksheet2014 General Journal Entries Memo Record Items Annual Pension Expense Cash Pension Asset/ Liability Projected Benefit Obligation Plan Assets Balance, January 1, 2014 $ $ $ $ $ Service cost Interest cost Actual return Contributions Benefits Journal entry, December 31 $ $ Balance, December 31, 2014 $ $ $