Reference no: EM132464179

The following facts apply to the pension plan of Carla Inc. for the year 2020.

Plan assets, January 1, 2020                          $563,200

Projected benefit obligation, January 1, 2020     563,200

Settlement rate8%Service cost                        40,900

Contributions (funding)                                 27,500

Actual and expected return on plan assets        53,600

Benefits paid to retirees                                 33,100

Question problem 1: Using the preceding data, compute pension expense for the year 2020. As part of your solution, show example of pension worksheet that shows the journal entry for pension expense for 2020 and the year-end balances in the related pension accounts. Example pension worksheet