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$7$

Pension plan assets, fair value, end of $207$

SFP net defined benefit liability, end of $207$

SFP accumulated OCI, pension, end of $207$

Retained earnings, end of $20$X$7$

$208$ earnings, prior to any pension expense

Current service cost for $20$X$8,$ measured using the projected

unit credit method

New past service cost granted in $20$x$8,$ negative because

benefits were reduced and the liability has declined

$68,400dr.$

$8,625,400cr.$

$4,200,000cr.$

Contributions made to the pension plan assets paid at end of

$20$x$8$

$604,300$

Actuarial gain in $20$X$8,$ negative because caused by higher

anticipated future mortality rates and the liability has

declined

$(346,000)$

Actual earnings in the fund, reported by the pension fund

trustee, including interest, dividends, and change in fair

value

Benefits paid to pensioners from Pension fund assets paid at

end of $208$

Interest rate on long$-$term corporate bonds, end of $20$X$8$

$440,000$

$(114,000)$

Actuastee, including interest, dividends, and change in fair value Benefits paid to pensioners from Pension fund assets paid at end of $20$x$8$

Interest rate on long$-$term corporate bonds, end of $20$X$8$

$146,400$

$70,300$

$5\%$

Required:

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