Question 1 of 8 < > The following facts apply to the pension plan of Sheridan Inc. for the year 2020. Plan assets, January 1, 2020 $470,900 Projected benefit obligation, January 1, 2020 470,900 Settlement rate 8 % Service cost 38,500 Contributions (funding) 24,300 Actual and expected return on plan assets 46,800 Benefits paid to retirees 34,700 -/4 1 Using the preceding data, compute pension expense for the year 2020. As part of your solution, prepare a pension worksheet that shows the journal entry for pension expense for 2020 and the year-end balances in the related pension accounts. (Enter all amounts as positive.) Items Balance, January 1, 2020 Service cost Interest cost Actual return Contributions Benefits Journal entry, December 31 Balance, December 31, 2020 $ SHERIDAN Pension Workshe General Journal Entries Annual Pension Expense Cash $