Problem 20-7 Teal 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) $522,000 738,000 216,000 Cr 83,000 99,000 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 Amortization of prior service cost Contributions in 2017 Benefits paid retirees in 2017 Average remaining service life of active employees $97,000 46,000 26,000 124,000 85,000 10 years Using the preceding data, compute pension expense for Teal Corp. for the year 2017 by preparing a pension worksheet that shows the journal entry for pension expense. (Enter all amounts as positive.) Using the preceding data, compute pension expense for Teal Corp. for the year 2017 by preparing a pension worksheet that shows the journal entry for pension expense. (Enter all amounts as positive.) TEAL CORP Pension 2017 Annual Pension Expense OCI-Prior Service Cost OCI- Gain/ Loss Penison Asset/ Liability Projected Benefit Obligation Plan Assets Items Cash Balance, Jan. 1, 2017 Service cost Interest cost Actual return Amortization of PSC Amortization of loss Benefits Journal entry for 2017 Accumulated OCI, Dec. 31, 2016 Balance, Dec. 31, 2017 Use the market-related asset value to compute the expected return and for corridor amortization Expected return Corridor amortization