On January 1, 2020, Ivanhoe Company has the following defined benefit pension plan balances.

Projected benefit obligation		$4,420,000
Fair value of plan assets		4,260,000

The interest (settlement) rate applicable to the plan is 10%. On January 1, 2021, the company amends its pension agreement so that prior service costs of $506,000 are created. Other data related to the pension plan are as follows.

		2020			2021
Service cost		$151,000			$176,000
Prior service cost amortization		0			92,000
Contributions (funding) to the plan		238,000			288,000
Benefits paid		198,000			278,000
Actual return on plan assets		255,600			259,000
Expected rate of return on assets		6	%		8	%

1.Prepare a pension worksheet for the pension plan for 2020 and 2021. (Enter all amounts as positive.)

2. For 2021, prepare the journal entry to record pension-related amounts