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In: AccountingMetlock Co. has the following postretirement benefit planbalances on January 1, 2020.Accumulated postretirement benefit...Metlock Co. has the following postretirement benefit planbalances on January 1, 2020.Accumulated postretirement benefit obligation$2,239,000Fair value of plan assets2,239,000The interest (settlement) rate applicable to the plan is 10%. OnJanuary 1, 2021, the company amends the plan so that prior servicecosts of $177,000 are created. Other data related to the planare:20202021Service costs$75,000$85,000Prior service costs amortization012,000Contributions (funding) to the plan45,00035,000Benefits paid41,00045,000Actual return on plan assets142,000119,000Expected rate of return on assets8%6%1. Prepare a worksheet for the postretirement plan in 2020.2.Prepare any journal entries related to the postretirement planthat would be needed at December 31, 2020.3.Prepare a worksheet for 20214.Prepare journal entries related to the postretirement plan asof December 31, 2021.5. Indicate the postretirement-benefit–related amounts reportedin the 2021 financial statements.