(Pension W orksheet) Hanson Corp. sponsors a defined benefit pensi

(Pension W orksheet) Hanson Corp. sponsors a defined benefit pension plan for its employees. On
Plan assets (market-related value) $520000 Projected benefit obligation 700000 Pension asset/liability 180000 Cr. Prior service cost 81000 Net gain or loss (debit) 91000 January 1 2014 the following balances r elated to this plan. As a result of the operation of the plan during 2014 the actuary provided the following additional data for 2014. Service cost $108000 Settlement rate 9%; expected return rate 10% Actual return on plan assets 48000 Amortization of prior service cost 25000 Contributions 133000 Benefits paid retirees 85000 Average remaining service life of active employees 10 years Instructions Using the preceding data compute pension expense for Hanson Corp. for the year 2014 by preparing a pension worksheet that shows the journal entry for pension expense. Use the market-related asset value to compute the expected return and for corridor amortization.