PROBLEM 1 The following facts apply to the pension plan of I-PASS Corporation for the year 2017: Plan Assets, January 1, 2017 $950,000 Projected Benefits Obligation, January 1, 2017 950,000 Settlement rate 6% Service Cost 75,000 Contributions 10,000 Actual & Expected return on Plan Assets 40,600 Benefits paid to retirees 42,200 Instructions: Using the preceding data, compute pension expense for the year 2017. As part your solution, prepare a pension worksheet that shows the journal entry for pension expense for 2017 and the year-end balances in the related pension accounts