P20-1 (2-Year Worksheet) On January 1, 2014, Harrington Company has the following defined benefit pension plan balances.

P20-1 (2-Year Worksheet) On January 1, 2014, Harrington Company has the following defined benefit pension plan balances.

Projected benefit obligation$4,500,000

Fair value of plan assets          4,200,000

The interest (settlement) rate applicable to the plan is10%On January 1, 2015, the company amends its pension

agreement so that service costs of$500,000 are created.  Other data related to the pension plan are as follows:

                              2012        2013

Service costs      $150,000 $180,000

Prior service costs amortization      0         90,000

Contributions (funding) to the plan      240,000 285,000

Benefits paid              200,000 280,000

Actual return on plan assets      252,000 260,000

Expected rate of return on assets      6%        8%

Instructions:

(a) Prepare a pension worksheet for the pension plan for 2014 and 2015.(b) For 2015, prepare the journal entry to record pension-related amounts.