On January 1^st.2018, X Company introduced a defined benefit pension plan for its employees. The Company uses IFRS.

For the year 2020, you are provided with the following information:

Defined Benefit Obligation, January 1/2021..$420,000

Fair Value of the Plan Assets, January 1,2021.$450,00

Interest rate 6%

Expected rate of return on plan assets.. 8%

The following information pertains to 2021:-

Actual return on plan assets.$40,000

Current service costs..$62,000

Past Service Costs..$50,000

Actuarial losses in the year.$40,000

Contributions to pension fund$100,000

Benefits Paid to retirees.$120,000

Required:- Prepare the journal entry(ies) for the year 2021.