Laudi Inc. follows IFRS and uses the immediate recognition method for its pension plan. The following information has been provided regarding the defined benefit pension plan for $2024.$

Current service cost $ $600,000$

Actual return on plan assets $315,000$

Contributions $1,080,000$

Past service costs $($incurred on Dec $31,2024)126,000$

Benefits paid to retirees $72,000$

Interest rate on ABO $10\%$

Expected rate of return on plan assets $8\%$

The balances for the following accounts as at December $31,2023$ were as follows:

Accrued Pension Assets$/$Liabilities $ $1,200,000$ CR

Accrued Benefit Obligation $4,500,000$ CR

The Accrued Benefit Obligation was revalued on December $31,2024$ and it was estimated to be $$5,400,000.$

Required:

$(1)$ Use the above information to fill out the worksheet below. Indicate debit$/$credit for all the entries in the pension worksheet and conclude whether the $2024$ year$-$end balance sheet pension account is an accrued pension asset or liability.

$(2)$ Prepare the journal entries to reflect the accounting for the company's pension plan for the year ending December $31,2024.$