Webb Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2014, the following balances relate to this plan.
Plan assets $489,730
Projected benefit obligation 608,500
Pension asset/liability 118,770
Accumulated OCI (PSC) 105,020 Dr.
As a result of the operation of the plan during 2014, the following additional data are provided by the actuary. Service cost $96,970 Settlement rate, 10% Actual return on plan assets 59,120 Amortization of prior service cost 24,300 Expected return on plan assets 54,500 Unexpected loss from change in projected benefit obligation, due to change in actuarial predictions 79,290 Contributions 108,500 Benefits paid retirees 94,820 Collapse question part (a) Using the data above, compute pension expense for Webb Corp. for the year 2014 by preparing a pension worksheet.