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

Plan assets		$ 1,693,000
Projected benefit obligation		2,028,000
Pension liability		335,000
Prior service cost		249,000

As a result of the operation of the plan during 2020, the following additional data are provided by the actuary.

Service cost for 2020		$ 138,000
Settlement rate, 6%
Actual return on plan assets in 2020		111,000
Amortization of prior service cost		25,000
Expected return on plan assets		164,000
Unexpected gain from change in projected benefit obligation, due to change in actuarial predictions		201,000
Contributions in 2020		137,000
Benefits paid retirees in 2020		178,000

(a)

Using the data above, compute pension expense for Novak for the year 2020 by preparing a pension worksheet. (Enter all amounts as positive.)

B) Prepare the journal entry for pension expense in 2020