The following facts apply to the pension plan of Flounder Inc. for the year 2020. Plan assets, January 1, 2020 $476,200 Projected benefit obligation, January 1, 2020 476,200 Settlement rate 8 % Service cost 39,700 Contributions (funding) 26,000 Actual and expected return on plan assets 44,900 Benefits paid to retirees 31,700 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 Annual Pension Expense $ Journal entry, December 31 $ $ Balance, December 31, 2020 eTextbook and Media Save for Later FLOUNDER INC. Pension Worksheet-2020 General Journal Entries Cash Memo Record Pension Asset/ Liability Projected Benefit Obligation Plan Assets $ $ $ Attempts: 0 of 3 used Submit Answer