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Howard Corp. sponsors a defined-benefit pension plan for its employees. On January 1,2024, the following...

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Accounting

Howard Corp. sponsors a defined-benefit pension plan for its employees. On January 1,2024, the following balances related to this plan.
Plan assets (fair value) $2,200,000
Projected benefit obligation (PBO)2,400,000
Net Pension asset/liability 200,000 Cr.
AOCI - Prior service cost 300,000
AOCI Net Loss 260,000
As a result of the operation of the plan during 2024, the actuary provided the following additional data at December 31,2024.
Service cost for 2024 $280,000
Actual return on plan assets in 2024180,000
Amortization of prior service cost in 202460,000
Contributions in 2024460,000
Benefits paid to retirees in 2024320,000
Discount rate 7%
Expected return rate 8%
Average remaining service life of active employees 10 years
(a) Compute pension expense for Howard Corp. for the year 2024 by preparing a pension worksheet (in excel).
(b) Prepare all the necessary journal entry(ies) for recording pension expense, gains/losses, contributions, and benefits paid during 2024.

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