Howard Corp. sponsors a defined-benefit pension plan for its employees. On January 1, 2021, the following balances related to this plan.

Plan assets (fair value) $220,000

Projected benefit obligation 240,000

Prior service cost 30,000

Loss 26,000

As a result of the operation of the plan during 2021, the actuary provided the following additional data at December 31, 2021.

Service cost for 2021 $28,000

Actual return on plan assets in 2021 18,000

Amortization of prior service cost 6,000

Contributions in 2021 46,000

Benefits paid retirees in 2021 32,000

Settlement rate 7%

Expected return rate 8%

Instructions: Answer the questions about the pension worksheet below. Show numbers as XX,XXX [44,444] or (XX,XXX )[(44,444)]

GENERAL JOURNAL

MEMO ENTRY

OTH COMP INC

Prior

Pension

Pension

Service

Gain/

Asset/

Pension

Plan

Expense

Cash

Cost

Loss

Liability

Obligation

Assets

Balance 01/01/2021

Service Costs

Interest

Funding

Benefits Paid

Expected Return

Asset Gain/Loss

Prior Cost Amortization

Journal Entry

Balance 12/31/2021

The balance of the Pension Asset/Liability on January 1, 2021, is (20,000). Service Costs would be debited in the worksheet in the Question Blank type your answer... column and credited in the Question Blank type your answer... column. Interest would be debited in the worksheet in the Question Blank type your answer... column and credited in the Question Blank type your answer... column in the amount of [show as positive number] Question Blank type your answer... Funding would be debited in the worksheet in the Question Blank type your answer... column and credited in the Question Blank type your answer... column. Benefits Paid would be debited in the worksheet in the Question Blank type your answer... column and credited in the Question Blank type your answer... column. Expected Return would be debited in the worksheet in the Question Blank type your answer... column and credited in the Question Blank type your answer... column in the amount of [show as positive number] Question Blank type your answer... Asset Gain/Loss would be debited in the worksheet in the Question Blank type your answer... column and credited in the Question Blank type your answer... column in the amount of [show as positive number] Question Blank type your answer... Prior Cost Amortization would be debited in the worksheet in the Question Blank type your answer... column and credited in the Question Blank type your answer... column. The Journal Entry will include an amount of Question Blank type your answer... in the Pension Asset/Liability column. The balance of the Pension Asset/Liability on January 1, 2021, is Question Blank type your answer...