Problem 5. Pension Worksheet. Howard Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2020, the following balances related to this plan. Plan assets (market-related value) 450,000 Projected benefit obligation 600,000 Prior service cost (plan amended) 100,000 OCI - Gain 85,000 Average remaining service life in years 10 As a result of the operation of the plan during 2020, the actuary provided the following additional data on December 31, 2020 Service cost for 2020 75,000 Actual retum on plan assets in 2020 45,000 Contributions in 2020 130,000 Benefits paid retirees in 2020 70,000 Settlement rate 7% Expected return rate 8% Projected benefit obligation 780,000 Instructions (a) Compute pension expense for Howard Corp. for the year 2020 by preparing a pension worksheet. (6) Prepare the journal entry for pension expense