A publicly accountable entity operates a defined benefit plan for its employees. Data on the plan for the year ended December 31 20x4 is as follows: Defined benefit obligation, December 31, 20x3 Pension plan assets, December 31, 20x3 $14,700,000 19,200,000 Current service cost, accrued on December 31, 20x4 Benefits paid, evenly throughout the year ended December 31, 20x4 Actual return on plan assets, earned on December 31, 20x4 Contributions to pension plan assets Yield on high quality corporate bonds Defined benefit obligation, December 31, 20x4 (per actuary) $16,000,000 On January 2, 20x4, the entity made a change to the pension plan benefits formula and provided retroactive service to all employees in the pension plan. This increased the DBO by $1,000,000 at that date. 1,300,000 800,000 (750,000) 400,000 5% On December 31, 20x4, the entity sold one of its subsidiaries. The subsidiary employees who participated in the pension plan were paid $1,100,000 from the pension plan assets as a settlement. This caused the DBO to decrease by $700,000. Required - Prepare a reconciliation from the opening balances to ending balances of the DBO and Plan Assets for the year ended December 31, 20x4. Prepare the summary journal entry for the year.