Van Persie Corp. sponsors a defined-benefit pension plan for its employees. The following balances related to the plan exist on December 31, 2022. Plan assets (market value) Projected benefit obligation Pension asset/liability $450,000 600,000 150,000 Cr. Van Persie amends the pension plan, effective 1/1/2023, 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 2023, the actuary provided the following additional data on December 31, 2023. Service cost for 2023 $ 75,000 Actual return on plan assets in 2023 45,000 Amortization of prior service cost 20,000 Contributions in 2023 115,000 Benefits paid retirees in 2023 70,000 Settlement rate Expected return rate 7% 8% Instructions (a) Compute pension expense for Van Persie Corp. for the year 2023 by preparing the attached pension worksheet. (b) Prepare the journal entry for pension expense. General Journal Entries Other Comprehensive Income Memo Record Items Pension Expense Cash Prior Service Gains/Losses Pension Cost Asset/Liability PBO Plan Assets