On January 1, 2014, Harrington Company has the following defined benefit pension plan balances.Projected benefit obligationFair value of plan assets$4,518,0004,206,700The interest (settlement) rate applicable to the plan is 10%. On January 1, 2015, the companyamends its pension agreement so that prior service costs of $512,200 are created. Other datarelated to the pension plan are as follows.2014Service cost2015$163,100$188,900–0–99,300Contributions (funding) to the plan259,400304,900Benefits paid206,100292,700Actual return on plan assets252,402261,600Prior service cost amortizationExpected rate of return on assets6%8%Don’t show me this message again for the assignment1.Prepare a pension worksheet for the pension plan for 2014 and 2015.And2.For 2015, prepare the journal entry to record pension-related amounts. (Credit account titlesare automatically indented when amount is entered. Do not indent manually.)Account Titles andExplanationDebitCredit
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