Problem 5. Pension Worksheet. Howard Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2017, the following balances related to this plan. Plan assets (market-related value) $450,000 Projected benefit obligation 600,000 Prior service cost 100,000 OCI - Gain 65,000 Average remaining service life in years 10 As a result of the operation of the plan during 2017, the actuary provided the following additional data at December 31, 2017 Service cost for 2017 $75,000 Actual return on plan assets in 2017 45,000 Amortization of prior service cost 20,000 Contributions in 2017 115,000 Benefits paid retirees in 2017 70,000 Settlement rate 7% Expected return rate 8% Instructions (a) Compute pension expense for Howard Corp. for the year 2017 by preparing a pension worksheet. (b) Prepare the journal entry for pension expense