Use the following information for problems #$16-$ #$17$:

Pension Accounting: Shasta Company provides the following information about its defined benefit pension plan for $2018.$

Service cost $ $77,525$

Contribution to the plan $98,250$

Prior service cost amortization $16,125$

Actual and expected return on plan assets $84,175$

Benefits paid $62,500$

Plan assets at January $1,2012775,000$

Projected benefit obligation at January $1,2012900,000$

Accumulated OCI $($PSC$)$ at December $31,2011180,000$

Interest$/$discount $($settlement$)$ rate $10\%$

Prepare a pension worksheet and answer the following questions:

Pension Worksheet Memo Record

Items Pension Expense Cash PSC Pension Asset$/$Liability Projected Benefit Obligation Plan Assets

$16)$ What is the pension expense for the year $2018?$

$17)$ Prepare the journal entry for $2018$: