Smick Company sponsors a defined-benefit pension plan for its employees. On 1/1/2023, the following balances were related to this plan.

Plan assets (fair value) 800000

Projected benefit obligation 640000

Accumulated OCI (Prior Service Cost) 520000

Accumulated OCI Gains 170000

The actuaries provided the following additional data for 2023.

Service cost 700000

Actual return on plan assets 68000

Amortization of prior service cost 80000

Contributions 470000

Benefits paid 300000

Settlement rate 10%

Expected rate of return 8%

Unexpected loss from change in PBO, due to change in actuarial prediction 44000

Average remaining service life of active employees 15 years

(a) Prepare a pension worksheet in good form for Smick Company for the year 2023.

(b) Prepare the journal entry for pension expense for 2023.