Elijah Corp. sponsors a defined-benefit pension plan for its employees. Presented below are the balances related to this plan on 1 January 2019.

Plan assets (fair value) $480,000

Defined benefit obligation 630,000 A

ccumulated other comprehensive income 0

As a result of the operation of the plan during 2019, the actuary provided the following additional data at December 31, 2019.

Service cost for 2019 $75,000

Actual return on plan assets 45,000

Past service cost, effective Jan. 1, 2019 90,000

Annual contribution to the plan 110,000

Benefits paid to retirees 75,000

Discount rate 8%

Required: (a) Using the above information for Elijah Corp., prepare the pension work sheet for 2019. (26 marks)

(b) Prepare the journal entry to reflect the accounting for the company's pension plan for the year ended 31 December 2019. (4 marks)