Van Persie Corp, sponsors a defined benefit pension plan for its employees. The following balances related to the plan exist on December 31, 2016. Plan assets (market value) Projected benefit obligation Pension asset/liability $450,000 600,000 150,000 Cr. Van Persie amends the pension plan, effective 1/1/2017, and the actuary informs Van Persie that the Prior Service Cost associated with the amendment equals $90,000 As a result of the operation of the plan during 2017, the actuary provided the following additional data on December 31, 2017. Service cost for 2017 Actual return on plan assets in 2017 Amortization of prior service cost Contributions in 2017 Benefits paid retirees in 2017 Settlement rate Expected return rate $ 75,000 45,000 20,000 115,000 70,000 7% 8% Instructions (a) Compute pension expense for Van Persie Corp. for the year 2017 by preparing the attached pension worksheet. (b) Prepare the journal entry for pension expense. General Journal Entries Memo Record Items Other Comprehensive Income Prior Service Gains/Losses Cost Cash Pension Expense PBO Plan Assets Pension Asset/Liability Balance