Van persie corp. sponsors a defined benefit pension plan for its employees. the following balances related to the plan exist on december 31, 2016.

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) $450,000 Projected benefit obligation 600,000 Pension asset/liability 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 $ 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 Van Persie Corp. for the year 2017 by preparing the attached pension worksheet. (b) Prepare the journal entry for pension expense