24. (7 points) M Service Co. reported the following for its defined-benefit pension plan for 2016:

Actual return on plan assets $632,000

Service cost 500,000

Benefits paid to retirees 450,000

Cash contributions made by M to the pension plan 300,000

Settlement rate 4%

Expected rate of return on plan assets 5%

Average remaining service life of existing employees 10 years

Projected benefit obligation as of 12-31-15 2,920,000

Fair value of plan assets as of 12-31-15 3,315,000

Other comprehensive income - Gains/Loss as of 12-31-15 412,000 cr

Changes in actuarial assumptions resulted in a required 12-31-16 PBO of $4,135,000

(a) Using the above information for M, form a pension work sheet for 2016

(b) 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.

(c) Will M need to record corridor amortization for 2017, yes or no? Support your answer with calculations.