The following facts apply to the pension plan of Pharoah Inc. for the year 2020, Plan assets, January 1, 2020 Projected benefit obligation January 1, 2020 Settlement rate Service cost Contributions (funding) Actual and expected return on plan assets Benefits paid to retirees $537,100 537.100 8 % 40,100 25,600 51.000 34.100 Support 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.) PHAROAH INC. Pension Worksheet-2020 General Journal Entries Memo Record Annual Pension Expense Pension Asset/ Liability Projected Benefit Obligation Plan Assets Cash Items Balance, January 1, 2020 $ Service cost Interest cost Actual return Contributions Benefits Journal entry, December 31 Balance, December 31, 2020