Luloo Inc. has a defined benefit pension plan. At the end of the current reporting period, December 31, 2020, the following information was available.

Required

a. Create a worksheet to summarize the pension data at the end of 2020. Assume that the company amortizes accumulated prior service costs over a nine-year service period. The company amortizes its accumulated pension gain/loss using the corridor approach and amortizes over a nine-year average remaining service period.

b. Provide Luloo Inc's pension entries at December 31, 2020.

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Account Balances Jan. 1, 2020 Activity PBO $2,400 Cr. Service cost Plan Assets.. 2,000 Dr. Accumulated OCI- Prior Service Cost.... 180 Dr. Accumulated OCI- Interest cost ($2,400 x 7% discount rate). Loss on PBO due to a change in actuarial assumptions determined Dec. 31, 2020. Pension benefits paid.. 2020 $312 168 72 (160) Pension Gain/Loss.... 144 Dr. Actual return on plan assets (same as expected) Pension funding payment.. 120 280