Marco Inc. sponsors a defined benefit pension plan for its employees. On January 1, 2020, the following balances relate to this plan:

Plan Assests $ 240,000

Projected Benefit Obligation $ 300,000

Accumulated OCI-Prior Service Cost $ 50,000 (debit)

Pension Liability $ 60,000

As a result of operating the plan during 2020, the following additional information is available:

Service cost $ 60,000

Return on plan assets $ 55,000

Amortization of prior service cost $ 10,000

Settlement rate 10%

Contributions $ 75,000

Benefits paid to retirees $ 60,000

REQUIRED:

1. Prepare a pension worksheet for Marco for 2020.
2. Prepare the journal entry to record pension expense for 2020.