solve problem:

22. (4 points) M Service Co. reported the following for its defined-benefit pension plan for 2016: Service cost $560,000 Actual return on plan assets 157,000 Benefits paid to retirees 198,000 Cash contributions made by M to the pension plan 250,000 Settlement rate 3.50% Expected rate of return on plan assets 5.20% Average remaining service life of existing employees 15 years Projected benefit obligation as of 12-31-15 3,190,000 Fair value of plan assets as of 12-31-15 3,265,000 Other comprehensive income - Gains/Loss as of 12-31-15 340,000 cr a. Using the above information for M, prepare a pension work sheet for 2016. b . Using the work sheet, prepare the entry to reflect the accounting for the company's pension plan for the year ending 12-31-16. C . Will M need to record corridor amortization for 2017, yes or no? Support your answer mathematically Yes, because OCI is greater than10% of PBO and Plan asset Cash and/or Asset/ Item Expense CS &APIC OCI-PSC OCI-G/L Liability PBO Plan Assets 01-01-19 balance $340,000 cr $dr $ 3,190,000 cr $3,265,000 dr Service cost $560,000dr $ 560,000 cr Interest cost $ di $ c Return $ cr $ dr Unexpected G/L $dr $dr Amortize PSC $dr $ cr Amortize OCI-G/ $ di $ dr Liability (Inc/dec) $ Contributions $ Benefits $ GAEA Adjustments JE