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Using the preceding data, compute pension expense for Flounder Corp. for the year 2020 by preparing a pension worksheet that shows the journal entry for

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Using the preceding data, compute pension expense for Flounder Corp. for the year 2020 by preparing a pension worksheet that shows the journal entry for pension expense. (Enter all amounts as positive.)

Use the market-related asset value to compute the expected return and for corridor amortization.

Expected return

$

Corridor amortization

$

Flounder Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2020, the following balances related to this plan. Plan assets (market-related value) Projected benefit obligation Pension asset/liability Prior service cost Net gain or loss (debit) $565,000 656,000 91,000 86,000 92,000 Cr. As a result of the operation of the plan during 2020, the actuary provided the following additional data for 2020. Service cost $98,000 50,000 Settlement rate, 9%; expected return rate, 10% Actual return on plan assets Amortization of prior service cost Contributions Benefits paid retirees Average remaining service life of active employees 26,000 126,000 92,000 10 years Using the preceding data, compute pension expense for Flounder Corp. for the year 2020 by preparing a pension worksheet that shows the journal entry for pension expense. (Enter all amounts as positive.)

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