On January 1, 2014, Harris Company has the following defined benefit pension plan balances.

Projected benefit obligation - $4,500,000

Fair value of plan assets - 4,200,000

The interest (settlement) rate applicable to the plan is 10%. On January 1, 2015, the company amends its pension agreement so that prior service costs of $500,000 are created. Other data related to the pension plan are as follows.

	2014	2015
Service Cost	150,000	180,000
Prior service cost amortization	0	90,000
Contributions (funding) to the plan	240,000	285,000
Benefits paid	200,000	280,000
Actual return on plan assets	252,000	260,000
Expected rate of return on assets	6%	8%

Instructions

(a) Prepare a pension worksheet for the pension plan for 2014 and 2015

(b) For 2015, prepare the journal entry to record pension-related amounts.