Goodday Ltd. has a defined benefit pension plan and a December 31 year-end. The following information relates to the plan: $5,300,000 4,640,000 660,000 cr. 72,600 dr. 8,652,400 cr. 4,234,000 cr. 608,400 Balances : Defined benefit obligation, end of 20x7 Pension plan assets, fair value, end of 20x7 SFP net defined benefit liability, end of 20x7 SFP accumulated OCI, pension, end of 20x7 Retained earnings, end of 20x7 20x8 earnings, prior to any pension expense Current service cost for 20x8, measured using the projected unit credit method New past service cost granted in 20x8, negative because benefits were reduced and the liability has declined Contributions made to the pension plan assets paid at end of 20x8 Actuarial gain in 20x8, negative because caused by higher anticipated future mortality rates and the liability has declined 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 20x8 Interest rate on long-term corporate bonds, end of 20x8 ((330,000) 436,000 (102,500) 153,300 84,600 5% Required: 1. Calculate and record the second element of pension accounting for the defined benefit plan. That is, calculate net interest cost Net Interest 2. Prepare the entry to record net interest cost. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the interest expense for net defined benefit pension liability Note: Enter debits before credits General Journal Transaction 1 Debit Credit 3. Calculate the two components of net interest interest on the defined benefit obligation and expected earnings on fund assets. Interest on the obligation Expected earnings