PENSION WORKSHEET a defined-benefit pension plan for its employees. On January 1, 2015 Howard Corp. sponsors the following balances related to this plan. $650,000 Plan assets (fair value) Projected benefit obligation Pension asset/liability OCI-Prior service cost 800,000 50,000 Cr. 175,000 As a result of the operation of the plan during 2015, the actuary provided the following addtional data at December 31, 2015 Service cost for 2015 Actual return on plan assets in 2015 Amortization of prior service cost Contributions in 2015 Benefits paid retirees in 2015 Settlement rate $90,000 80,000 35,000 85,000 90,000 6% 10% Expected return rate Instructions (a) Compute pension expense for Howard Corp. for the year 2015 by preparing a pension (b) Prepare the journal entry for pension expense PENSION EXPENSE INS/L PENSION PLA PSC-OCI |ASSET/LIAB? PBO OCI