The following facts apply to the pension plan of Teal Inc. for the year 2020. Plan assets, January 1, 2020 $511,800 Projected benefit obligation, January 1, 2020 511,800 Settlement rate 8 % Service cost 36,500 Contributions (funding) 23,500 Actual and expected return on plan assets 50,300 Benefits paid to retirees 33,400 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.) 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 TEAL ING Pension Workshe General Journal Entries Annual Pension Expense Cash Benefits Journal entry, December 31 $ $ Balance, December 31, 2020 General Journal Entries Cash TEAL INC. Pension Worksheet-2020 $ Pension Asset/ Liability Projected Benefit Obligation Men Projected Benefit Obligation Memo Record Plan Assets GA $ > $ $ > < < < > >> $ Y $ >