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Problem 20-7 Pearl Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2017, the following balances related to this plan. 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 2017. Service cost for 2017 settlement rate, 9%; expected return rate, 10% Actual return on plan assets in 2017 $104,000 Amortization of prior service cost Contributions in 2017 Benefits paid retirees in 2017 49,000 23,000 129,000 77,000 Average remaining service life of active employees 10 years Using the preceding data, compute pension expense for Pearl Corp. for the year 2017 by preparing a pension worksheet that shows the journal ent PEARL CORP Pension Worksheet-2017 al Entr