22. (11 points) M Service Co. reported the following for its defined-benefit pension plan for 2016:

Service cost $397,000

Actual return on plan assets 450,500

Benefits paid to retirees 182,000

Cash contributions made by M to the pension plan 250,000

Settlement rate 2.75%

Expected rate of return on plan assets 5.75%

Average remaining service life of existing employees 10 years

Projected benefit obligation as of 12-31-15 6,920,000

Fair value of plan assets as of 12-31-15 7,110,000

Other comprehensive income Gains/Loss as of 12-31-15 124,400 dr

Changes in actuarial assumptions resulted in a required 12-31-16 PBO of $7,465,000

Using the above information for M, prepare a pension work sheet for 2016 Using the work sheet, prepare the journal entry to reflect the accounting for the company's pension plan for the year ending December 31, 2016.