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The account for Marlin Corporation has developed the following information for the company's defined-benefit pension plan for 2015: Service cost $500,000 Actual return on plan

The account for Marlin Corporation has developed the following information for the company's defined-benefit pension plan for 2015:

Service cost $500,000

Actual return on plan assets 250,000

Annual contribution to the plan 920,000

Amortization of prior service cost 125,000

Benefits paid to retirees 60,000

Settlement rate 10%

Expected rate of retrun on plan assets 8%

The accumulated benefit obligation at December 31, 2015, amounted to $3,250,000. Tne accumulated OCI (PSC) at December 31, 2014 was $625,000.

Instructions

(a) Using the above information for Marlin Corporation, complete the pension work sheet for 2015. Indicate (credit) entries by parentheses. Calculated amount should be supported

(b) Prepare the journal entry to reflect the accounting for the company's pension plan for the year ending December 31, 2015.

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