The following facts apply to the pension plan ofSunlandInc. for the year 2020.

The following facts apply to the pension plan of Sunland Inc. for the year 2020. Plan assets, January 1, 2020 $470,900 Projected benet obligation, January 1, 2020 470,900 Settlement rate 8 % Service cost 38,500 Contributions (funding) 24,300 Actual and expected return on plan assets 46,800 Benets paid to retirees 34,700 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.) SUNLAND INC. Pension Worksheet-2020 General Journal Entries Annual Pension Pension Items Expense Cash Liabi Balance, January 1, 2020 $ $ $ Service cost V V Interest cost V V Actual return V V Contributions V Benefits V V Journal entry, December 31 $ $ Balance, December 31, 2020Memo Record Pension Asset/ Liability Projected Benefit Obligation Plan $ Assets V $ V $ V V V V V V V V V V V V to V $