Quentin Fishing Corp. (QFC), a publicly accountable entity, has provided a defined benefit pension plan for its employees for several years. QFC has provided the following information:

Defined benefit obligation January 1, 2020	$2,000,000
Plan assets (at market value) January 1, 2020	$1,800,000
Yield on high-quality corporate bonds	4%
Current service cost for the year ended December 31, 2020	$ 300,000
Past service costs due to improvements in benefits December 31, 2020	$ 500,000
Gain due to change in actuarial assumptions during 2020	$ 25,000
Actual return on plan assets for 2020	$ 40,000
Funds paid by QFC to the pension trustee December 31, 2020	$ 400,000

Required:

Prepare the journal entries for QFCs defined benefit pension plan for 2020.