The following facts apply to the pension plan of Monty Inc. for the year $2020.$

Plan assets, January $1,2020$

$$536,500$

Projected benefit obligation, January $1,2020$

$536,500$

Settlement rate

$8\%$

Service cost

$40,900$

Contributions $($funding$)$

$23,200$

Actual and expected return on plan assets

$53,600$

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.$)$