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) Projected benefit obligation Pension asset/liability Prior service cost OCI - Loss $650,000 675,000 25,000 Cr. 120,000 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 Actual return on plan assets in 2017 Amortization of prior service cost Contributions in 2017 Benefits paid retirees in 2017 Settlement rate Expected return rate Average remaining service life of active employees $32,000 35,000 5,025 45,000 28,000 6% 5% 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) Madoff Company Pension worksheet - 2018 General journal entries Annual pension expense Memo record Projected benefit obligation assets Plan OCI - Prior service cost OCI gains/losses Pension asset/liability Cash Balance, Jan 1, 2018 Service cost Interest cost Actual return Unexpected gain Amortization of PSC Amortization of loss Contributions Benefits Journal entry for 2018 Accumulated OCI, Dec 31, 2017 Balance, Dec 31, 2018 Type your journal entry in the box below: Account name DR CR