The following facts apply to the pension plan of Boudreau Inc. for the year 2012.

Plan assets, January 1, 2012		$490,300
Projected benefit obligation, January 1, 2012		490,300
Settlement rate		8	%
Service cost		42,100
Contributions (funding)		26,680
Actual and expected return on plan assets		48,070
Benefits paid to retirees		35,080

Using the preceding data, compute pension expense for the year 2012. As part of your solution, prepare a pension worksheet that shows the journal entry for pension expense for 2012 and the year-end balances in the related pension accounts.