Preparation of a pension worksheet and pension entries The accountant for Camberwell Ltd. has developed the following information regarding the company's defined benefit pension plan for calendar 2014: Service cost $ 600,000 Actual return on plan assets 315,000 Contributions 1,080,000 Benefits paid to retirees 72,000 Interest (discount) rate 10% The corporation uses the immediate recognition approach under ASPE.

Instructions

a. Using the above information, complete the pension work sheet below for 2014. Indicate credit entries by parentheses, e.g. (72,000).

b. Prepare the journal entries to reflect the accounting for the company's pension plan for the year ended December 31, 2014.