P20.1 (LO1,2,3,4) @ (2-Year Worksheet) OnJanuary 1, 2020, Harrington Company has the following defined benefit pension plan balances. Projected benefit obligation $4,500,000 Fair value of plan assets 4,200,000 The interest (settlement) rate applicable to the plan is 10%. On January 1, 2021, the company amends its pension agreement so that prior service costs of $500,000 are created. Other data related to the pension plan are as follows. Instructions a. Prepare a pension worksheet for the pension plan for 2020 and 2021. b. For 2021, prepare the journal entry to record pension-related amounts. 2020 Service cost $150,000 Prior service cost amortization -0~ Contributions (funding) to the plan 240,000 Benefits paid 200,000 Actual return on plan assets 252,000 Expected rate of return on assets 6% 2021 $180,000 90,000 285,000 280,000 260,000 8% E20.10 (LO1,2,3,4) (Pension Worksheet) Webb Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2020, the following balances relate to this plan. Plan assets $480,000 Projected benefit obligation 600,000 Pension asset/liability 120,000 Accumulated OCI (PSC) 100,000 Dr. As aresult of the operation of the plan during 2020, the following additional data are provided by the actuary. Service cost $90,000 Settlement rate, 9% Actual return on plan assets 55,000 Amortization of prior service cost 19,000 Expected return on plan assets 52,000 Unexpected loss from change in projected benefit obligation, due to change in actuarial predictions 76,000 Contributions 99,000 Benefits paid retirees 85,000 20-52 CHAPTER 20 Accounting for Pensions and Postretirement Benefits Instructions a. Using the data above, compute pension expense for Webb Corp. for the year 2020 by preparing a pension worksheet. b. Prepare the journal entry for pension expense for 2020