Health Beyond Boundaries, Ltd., runs a chain of private hospitals and clinics in several large cities in Europe and North America. It has an established pension plan for several years since it began operations. It uses the immediate recognition method with IFRS. Terms of the pension plan as well as other information related to its activities for the year ended December 31, 2015 are as follows: Interest Rate - Service Costs - The expected earnings rate on plan assets and the discount rate is set at 8%; For 2015 , the current service costs amounted to $1,005,000. Some time late in 2014 , the company agreed with its employees to an amendment in the plan's future benefits payout formula. Thus employees in service on January 1, 2015, would receive a credit of $2,047,500 for their past service, beginning in 2015 . Defined Benefits Obligation This above mentioned past service cost equaled 12% of the balance of the Defined Benefits Obligation existing on December 31, 2014. Actual Returns - Funding - The plan received $649,740 as returns from the investment of its assets. The plan on December 31, 2014 was underfunded by 30%. All funding contributions are made at the end of each year. The total annual funding was computed with three components as stated below in the next three items. 1. The company makes a one time payment of $47,500 in 2015 towards funding the past service costs. E 2. In addition, it also plans to fund the balance of the past service cost, accrued in 2015 , by making payments in eight equal instalments each year starting in 2015. 3. The company has a policy of also funding 70% of all its annual current service costs. Any actuarial revisions in its Defined Benefits Obligation, made in any given year, are funded at the same rate of 70% but the payments for this are made during the following year. T. There were no actuarial revisions during 2014. The plan paid out $1,530,000 during the year to existing retirees. Revaluation - The company had experienced a particularly difficult fiscal year and decided to conduct an actuarial review of its plan obligations. The review recommended that the balance of the Defined Benefits Obligation, existing on December 31, 2015 before this review, be increased by 10%. REQUIRED: 1. Prepare a pension worksheet for 2015 , in good format, showing the results of all the transactions stated above in the question. 2. Prepare the necessary journal entries which the company would require to record the aggregate effects of the pension fund activities of the plan