Exercise 20-7

The following defined pension data of Sarasota Corp. apply to the year 2017.

Projected benefit obligation, 1/1/17 (before amendment)		$568,000
Plan assets, 1/1/17		553,400
Pension liability		14,600
On January 1, 2017, Sarasota Corp., through plan amendment, grants prior service benefits having a present value of		130,000
Settlement rate		10	%
Service cost		58,500
Contributions (funding)		64,300
Actual (expected) return on plan assets		47,100
Benefits paid to retirees		36,300
Prior service cost amortization for 2017		17,400

For 2017, prepare a pension worksheet for Sarasota Corp. that shows the journal entry for pension expense and the year-end balances in the related pension accounts.