The following facts apply to the pension plan of Tamarisk 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.) Items Balance, January 1, 2020 Service cost Interest cost Actual return Contributions Annual Pension Expense 40900 Dr. v 42920 Dr. v 97 53600 Cr.v Benefits Journal entry, December 31 $ 30220 Balance, December 31, 2020 General Journal Entries TAMARISK IN Pension Worksheet > to Cash 23200 Cr. S 23200 Cr. v MARISK INC. Worksheet-2020 $ Pension Asset/ Liability Projected Benefit Obligation 7020 Cr. 7020 Cr. $ Memo Record Plan Assets