Tigers, Inc. sponsors a defined-benefit pension plan for its employees. On January 1, 2015, the following balances related to this plan.

Plan assets (fair value) $650,000

Projected benefit obligation 700,000

Pension asset/liability 50,000 Cr.

Prior service cost 95,000

OCI Loss 85,000

As a result of the operation of the plan during 2015, the actuary provided the following additional data at December 31, 2015.

Service cost for 2015 $ 70,000

Actual return on plan assets in 2015 55,000

Amortization of prior service cost 15,000

Contributions in 2015 115,000

Benefits paid retirees in 2015 80,000

Settlement rate 7%

Expected return rate 8%

Average remaining service life of active employees 10 years

Instructions

(a) Compute pension expense for Tigers, Inc. for the year 2015 by preparing a pension worksheet.

(b) Prepare the journal entry for pension expense.

(c) Solution must be prepared in excel.