The accountant for Vaden Corporation has developed the following information for the companys defined benefit pension plan for 2018:

Service cost		$650,000
Actual return on plan assets		315,000
Annual contribution to the plan		550,000
Amortization of prior service cost		32,000
Benefits paid to retirees		265,000
Settlement rate		6%
Expected rate of return on plan assets		5%

Balances at January 1, 2018 were Pension Asset/Liability of $400,000 (Cr); Projected Benefit Obligation -$8,150,000 (Cr); Plan Assets - $7,750,000 (Dr); Other Comprehensive Income - Prior Service Costs - $185,000 (Dr).

1. Complete the pension work sheet for 2018.
2. Prepare the journal entry to reflect the accounting for the companys pension plan for the year ending December 31, 2018.