P20-1B (2-Year Worksheet) On January 1, 2014, King Wings Company has the following defined benefit pension plan balances. Projected benefit obligation $2,800,000 Fair value of plan assets 2,400,000 The interest (settlement) rate applicable to the plan is 8%. On January 1, 2015, the company amends its pension agreement so that prior service costs of $300,000 are created. Other data related to the pension plan are as follows. 2014 2015 Service cost $200,000 $225,000 Prior service cost amortization 0 75,000 Contributions (funding) to the plan 180,000 230,000 Benefi ts paid 153,000 190,000 Actual return on plan assets 144,000 190,000 Expected rate of return on assets 6% 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.