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

Plan assets, January 1, 2020		$500,500
Projected benefit obligation, January 1, 2020		500,500
Settlement rate		8	%
Service cost		43,600
Contributions (funding)		25,600
Actual and expected return on plan assets		45,300
Benefits paid to retirees		35,100

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.

NOVAK CORP. Pension Worksheet-2017 General Journal Entries Memo Record Annual Pension Expense OCI-Prior Service Cost Pension Asset/ Liability Projected Benefit Obligation Plan Assets Items Cash Balance, Dec. 31, 2016 Prior service cost Balance, Jan. 1, 2017 Service cost Interest cost Actual return Amortization of PSC Contributions Benefits Journal entry for 2017 Accumulated OCI, Dec. 31, 2016 Balance, Dec. 31, 2017