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The following facts apply to the pension plan of Headland Inc. for the year 2020. Plan assets, January 1, 2020 $495,100 Projected benefit obligation,

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The following facts apply to the pension plan of Headland Inc. for the year 2020. Plan assets, January 1, 2020 $495,100 Projected benefit obligation, January 1, 2020 495,100 Settlement rate 8 % Service cost 43,700 Contributions (funding) 26,600 Actual and expected return on plan assets 52,100 Benefits paid to retirees 36,500 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 HEADLAND INC. Pension Worksheet-2020 General Journal Entries Cash $ Pension Asset/ Liability $ Memo Record Projected Benefit Obligation Plan Assets $ $ $ $

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