Tony Body Shop Inc. sponsors a defined benefit pension plan for its employees. As of January 1, 2016, the plan has the following balances:

Defined Benefit Pension Liability of $458,000. Accrued Benefit Obligation of $1,902,000. Plan assets (at market value) of $1,444,000

Past service cost recognition on January 1, 2016 of $228,000. This amount is not reflected in the Accrued Benefit Obligation presented above.

For the year ended December 31, 2016, the current year service cost, using an appropriate actuarial cost method, was $455,000. The actuarys expected rate of return on plan assets for 2016 was 5%. The actual return for 2016 was negative $18,000 (the plan lost value!). The interest rate on obligations was estimated at 4%. The company paid $262,000 to the pension trustee on December 31, 2016. Retirees received $195,000 in retirement benefits on December 31, 2016. The actuary report indicated a revised Accrued Benefit Obligation on December 31, 2016 of $2,600,000.

Required: (Assume a December 31 year end) Prepare all the journal entry(ies) for the pension plan for 2016.