TS 1. On January 1, 2020, McGee Co. had the following balances: Projected benefit obligation $6,400,000 Fair value of plan assets 6,000,000 Other data related to the pension plan for 2020: contributions to the plan 400,000 Benefits pald 350,000 On 1/1/20020, prior service cost was granted having a present value of 150,000 Actual return on plan assets 430,000 Settlement rate Expected rate of return 79 Amortized Prior Service cost 40,000 Amortization of net gain 50,000 Service cost 250,000 Total pension expense for 2020 is 9%