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Exercise 20-10 Webb Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2017, the following balances relate to this plan. Plan assets Projected benefit obligation Pension asset/liability Accumulated OCI (PSC) $480,000 600,000 120,00D 100,000 Dr As a result of the operation of the plan during 2017, the following additional data are provided by the actuary. Service cost Settlement rate, 9% Actual return on plan assets Amortization of prior service cost Expected return on plan assets Unexpected loss from change in projected benefit obligation, $90,000 55,000 19,000 52,000 due to change in actuarial predictions Contributions Benefits paid retirees 76,000 99,000 85,000 Using the data above, compute pension expense for Webb Corp. for the year 2017 by preparing a pension worksheet. (Enter all amounts as positive.) Using the data above, compute pension expense for Webb Corp. for the year 2017 by preparing a pension worksheet. (Enter all amounts as positive.) WEBB CORP Pension Worksheet rnal Entrie emo R oCI- Gain/ Loss Annual Pension OCI-Prior Service Cost Pension Asset/ Liability Projected Benefit Obligation Plan Asscts Balance, Jan. 1, 2017 Unexpected gain Amortization of PSC Journal entry for 2017 Accumulated OCI, Dec. 31, 2016 Balance, December 31, 2017 Prepare the journal entry for pension expense for 2017. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Credit Question Attempts: 0 of 3 used

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