Novak corp.sponsors a defined benefit pension plan for its employees. On January 1,2017,the following balances relate to this plan

Problem 20-7 Sheridan Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2017, the foilowing bal Plan assets (market-related value) Projected benefit obligation Pension asset/liability Prior service cost Net gain or loss (debit) $525,000 695,000 170,000 Cr. 74,000 91,000 As a result of the operation of the plan during 2017, the actuary provided the following additional data for 201 Service cost for 2017 settlement rate, 9%; expected return rate, 10% $104,000 Actual return on plan assets in 201:7 Amortization of prior service cost 49,000 23,000 129,000 77,000 Contributions in 2017 Benefits paid retirees in 2017 Average remaining service life of active employees 10 years Using the preceding data, compute pension expense for Sheridan Corp. for the year 2017 by preparing a pension work amounts as positive.) SHERIDAN CORP Pension Worksheet-2017 OCI-Prior OCI- Gain/ Annual Pension