Madoff Company sponsors a defined-benefit pension plan for its employees. On January 1, 2017, the following balances related to this plan. Plan assets (fair value) $650,000 Projected benefit obligation 675,000 Pension asset/liability 25,000 Cr. Prior service cost 120,000 OCI Loss 72,000 As a result of the operation of the plan during 2017, the actuary provided the following additional data at Dec 31, 2017. Service cost for 2017 $32,000 Actual return on plan assets in 2017 35,000 Amortization of prior service cost 5,025 Contributions in 2017 45,000 Benefits paid retirees in 2017 28,000 Settlement rate 6% Expected return rate 5% Average remaining service life of active employees 20 years

(a) Compute pension expense for Madoff Company for the year 2017 by preparing a pension worksheet [14 points]

(b) Prepare the journal entry for pension expense [6 points

Please Solve On Excel IF POSSIBLE. Thank you!!!