Headland Inc. sponsors a defined benefit pension plan for its employees. On January 1, 2020, the following balances relate to this plan.
Plan assets $1,681,000 Projected benefit obligation 1,963,000 Pension liability 282,000 Prior service cost 230,000 As a result of the operation of the plan during 2020, the following additional data are provided by the actuary.
Service cost for 2020 $128,000 Settlement rate, 6% Actual return on plan assets in 2020 111,000 Amortization of prior service cost 25,000 Expected return on plan assets 164,000 Unexpected gain from change in projected benefit obligation,
due to change in actuarial predictions 217,000 Contributions in 2020 138,000 Benefits paid retirees in 2020 185,000 (a)
Using the data above, compute pension expense for Headland for the year 2020 by preparing a pension worksheet.