Pension Problem (10 points) Pension data for Fox Company & Plan includes the following for the 2016 calendar year: Service cost: $ 70,000 Benet payments to retirees 60,000 Cash contributions to pension: 50,000 Actual return on plan assets: 9% Expected return on plan assets: 7% Settlement rate: 6% Beginning Year Info (December 31, 2015 balances): Plan Assets $ 700,000 Projected Benet Obligation (PBO) 850,000 Accumulated net other comprehensive loss (average service life is 10 years) 175,000 Prior Service Cost (PSC) 300,000 (Assuming this PSC is attributable to 80 employees who are expected to retire as follows: 10 will retire in 2 years 15 will retire in 3 years 20 will retire in 4 years 35 will retire in 5 years Use the cost per service year approach to calculate amortization) Required: Show each component (and all necessa calculations) to determine Pension Expense for 2016