ABC Companys controller put together the following data for the company's defined-benefit pension plan for 2020:

• Service cost $2,200,000
• Actual return on plan assets 540,000
• Annual contribution to the plan 1,800,000
• Amortization of prior service cost 240,000
• Benefits paid to retirees 160,000
• Settlement rate 10%
• Expected rate of return on plan assets 8%
• ABO at Dec 31 $6,500,000
• Plan Assets at Jan 1 $5,000,000

Instructions

1. Using the above information for ABC Company, complete the pension work sheet for 2020. Indicate (credit) entries by parentheses. Calculated amounts should be supported.
2. Prepare the journal entry(ies) to reflect the accounting for the company's pension plan for the year ending December 31, 2020.