The accountant for Nashville Corporation has developed the following information for the company's defined-benefit pension plan for 2020: 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 return on plan assets 8%

The accumulated benefit obligation at December 31, 2020, amounted to $3,250,000.

(a) Using the above information for Nashville Corporation, complete the pension work sheet for 2020. Indicate (credit) entries by parentheses. Calculated amounts should be supported.

(b) Prepare the journal entry to reflect the accounting for the company's pension plan for the year ending December 31, 2020.