Goodday Ltd$.,$ a public company, has a defined benefit pension plan and a $31$ December year$-$end. The following information relates to the plan:

Balances:

Defined benefit obligation, end of $20$X$7$ $ $5,265,000$

Pension plan assets, fair value, end of $20$X$74,819,000$

SFP net defined benefit liability, end of $20$X$7446,000$ cr$.$

SFP accumulated OCI, pension, end of $20$X$769,000$ dr$.$

Retained earnings, end of $20$X$78,631,400$ cr$.$

$20$X$8$ earnings, prior to any pension expense $4,200,000$ cr$.$

Current service cost for $20$X$8,$ measured using the projected unit credit method $604,900$

New past service cost granted in $20$X$8,$ negative because benefits were reduced and the liability has declined $(353,000)$

Contributions made to the pension plan assets paid at end of $20$X$8440,000$

Actuarial gain in $20$X$8,$ negative because caused by higher anticipated future mortality rates and the liability has declined $(116,000)$

Actual earnings in the fund, reported by the pension fund trustee, including interest, dividends, and change in fair value $146,800$

Benefits paid to pensioners from Pension fund assets paid at end of $20$X$870,900$

Interest rate on long$-$term corporate bonds, end of $20$X$85\%$

Required:

Prepare the accounting for the defined benefit plan, using the spreadsheet approach.