Hood Corp. sponsors a defined benefit pension plan for its employees.

On January 1, 2017, the following balances related to this plan.

Plan assets (market-related value) $360,000

Projected benefit obligation 520,000

Pension asset/liability 160,000 Cr.

Prior service cost 105,000

Net gain or loss (debit) 71,000

As a result of the operation of the plan during 2017, the actuary provided the following additional data at December 31, 2017.

Service cost for 2017 $94,000

Settlement rate, 6%

expected return rate, 8%

Actual return on plan assets in 2017 36,000

Amortization of prior service cost 21,000

Amortization of OCI- gains/losses $1,900

Contributions in 2017 80,000

Benefits paid retirees in 2017 74,000

Average remaining service life of active employees 10 years

Instructions: Using the preceding data, compute pension expense for Hood Corp. for the year 2017 by preparing a pension worksheet that shows the journal entry for pension expense. Use the market-related asset value to compute the expected return and for corridor amortization.