The following defined pension data of Twitter, Inc. apply to the year 2022

Accumulated benefit obligation, 1/1/22 $600,000

Projected benefit obligation, 1/1/22 655,000

Plan assets, 1/1/22 590,000

Prior service costs from 2020, (Balance carry forward @ 1/1/22) 80,000

Settlement rate 10%

Expected rate 9%

Service cost 72,000

Contributions (funding) 85,000

Actual return on plan assets 54,870

Benefits paid to retirees 36,000

Prior service cost amortization for 2022 14,000

Instructions: For 2022, fill the attached pension work sheet for Twitter, Inc. and the journal entry for pension expense.

Pension Work Sheet for 2022