Exercise N $1$ Preparing a pension work sheet.

The accountant for Marlin Corporation has developed the following information for the company's defined$-$benefit pension plan for $2022$:

$\backslash$table$[[$Service cost$,500,000],[$Actual return on plan assets,$260,000],[$Annual contribution to the plan,$900,000],[$Past service cost, effective January $1,2022,105,000],[$Benefits paid to retirees,$60,000],[$Discount rate,$10\%],[$Accumulated OCl$-$Gain$/$Loss$,$ January $1,2022,0\%]]$

Instructions

$($a$)$ Using the above information for Marlin Corporation, complete the pension worksheet for $2022.$ Indicate $($credit$)$ entries by parentheses. Calculated amounts should be supported.

$($b$)$ Prepare the journal entry to reflect the accounting for the company's pension plan for the year ending December $31,2022.$