Exercise 20-7 The following defined pension data of Crane Corp. apply to the year 2017. Projected benefit obligation, 1/1/17 (before amendment) Plan assets, 1/1/17 Pension liability On January 1, 2017, Crane Corp., through plan amendment, grants prior service benefits having a present value of Settlement rate $504,000 489,500 14,500 Service cost Contributions (funding) Actual (expected) return on plan assets Benefits paid to retirees Prior service cost amortization for 2017 109,000 10 % 63,600 61,100 49,200 39,900 18,400 For 2017, prepare a pension worksheet for Crane Corp. that shows the journal entry for pension expense and the year-end balances in the related pension accounts. (Enter all amounts as positive.) Pension worksheet-2017 General Journal Entries Memo Record Annual Pension Expense OCI-Prior Service Cost Pension Asset/ Liability Projected Benefit Obligation Plan Assets Items Balance, Dec. 31, 2016 Prior service cost Balance, Jan. 1, 2017 Service cost Interest cost Actual return Amortization of PSC Contributions Benefits Journal entry for 2017 Accumulated OCI, Dec. 31, 2016 Balance, Dec. 31, 2017 Click if you would like to Show Work for this question: Open Show Work