5 Question 4*McLaughlin Corp., a publicly accountable entity, operates a defined benefit pension planfor its employees. Information for the pension plan for the year endedDecember 31, 2021, is as follows:Defined benefit obligation, at December 31, 2020Pension plan assets, at December 31, 2020$16,500,000 CO$14,300,000 ACurrent service cost, at December 31, 2021$1,900,0000$ 650,000Benefits paid to retirees, at December 31, 2021Contribution to pension plan, at December 31, 2021Actual return on plan assets, 2021$ 1,200,000$ 430,000 0Yield on high corporate bonds, 2021now.4%Defined benefit obligation - per actuary, at December 31, 2021$18,300,000Required:OS TEPrepare all journal entries for the pension plan transactions for the year endedDecember 31, 2021.ra

Introduction: Under defined benefit plan, the pension that employee receives after retirement is…

Question 4* McLaughlin Corp., a publicly accountable entity, operates a defined benefit pension plan for its employees. Information for the pension plan for the year ended December 31, 2021, is as follows: Defined benefit obligation, at December 31, 2020 Pension plan assets, at December 31, 2020 $16,500,0000 $14,300,000 R T.C n Current service cost, at December 31, 2021 Benefits paid to retirees, at December 31, 2021 Contribution to pension plan, at December 31, 2021 Actual return on plan assets, 2021 $1,900,000 0 $ 650,000 $1,200,000.0 430,000 08 4% $ Yield on high corporate bonds, 2021 Defined benefit obligation - per actuary, at December 31, 2021 $18,300,000 Required: Prepare all journal entries for the pension plan transactions for the year ended December 31, 2021. S18