19-7

Wildhorse Limited sponsors a defined benefit pension plan, and follows ASPE. The corporation's actuary provides the following information about the plan (in thousands of dollars):

A/c Jan1,2020. Dec 31, 2020

1)-vested. $1,300 $1,500

benefit obligation

2)-Defined $2,340 $3,124

benefit obligation,

accounting basis

3)-Plan $1,360 $2,093

assets (fair value)

4)-Interest 10% 10%

/discount rate

5)-Net defined ? ?

benefit liability/asset

6)-Past service 380

cost, plan amendment,

effective Dec 30,2020

7)- service cost 320

for the year 2020

8)- contribution 680

(funding) 2020

9)-Benefits 150

paid in 2020

(Enter answers in thousands of dollars.)

A)-Calculate the actual return on the plan assets in 2020.

Actual return on the plan assets in 2020$enter the Actual return on the plan assets in 2020

$(?)

B)-Calculate the amount of the net defined benefit liability/asset as at January 1, 2020.

Net defined benefitselect asset or liabilityliabilityasset (?)

, January 1, 2020 $(?)

Prepare continuity schedule of the defined benefit obligation for 2020.(Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

Prepare continuity schedule of the defined obligation for 2020.

1)-select an opening nameDBO,

January 1, 2020Interest Cost, $-(?)

current Service Cost2020,

Past Service Cost, Dec. 30/20 Plan Amendment

Benefits Paid in 2020,

DBO,December 31, 2020

2)-select an opening nameDBO,

January 1, 2020Interest Cost, $-(?)

current Service Cost2020,

Past Service Cost, Dec. 30/20 Plan Amendment

Benefits Paid in 2020,

DBO,December 31, 2020

3)--select an opening nameDBO,

January 1, 2020Interest Cost, $-(?)

current Service Cost2020,

Past Service Cost, Dec. 30/20 Plan Amendment

Benefits Paid in 2020,

DBO,December 31, 2020

4)---select an opening nameDBO,

January 1, 2020Interest Cost, $-(?)

current Service Cost2020,

Past Service Cost, Dec. 30/20 Plan Amendment

Benefits Paid in 2020,

DBO,December 31, 2020

5)--select an opening nameDBO,

January 1, 2020Interest Cost, $-(?)

current Service Cost2020,

Past Service Cost, Dec. 30/20 Plan Amendment

Benefits Paid in 2020,

DBO,December 31, 2020

6)--select an opening nameDBO,

January 1, 2020Interest Cost, $-(?)

current Service Cost2020,

Past Service Cost, Dec. 30/20 Plan Amendment

Benefits Paid in 2020,

DBO,December 31, 2020

Calculate the pension expense for 2020, separately identifying each amount making up the total expense.(Enter negative amounts using either a negative sign preceding the number, e.g. -45 or parentheses, e.g. (45).)

Current service cost. $(?)

Net interest cost. $(?)

Asset remeasurement gain. $-(?)

Past service cost. $(?)

Pension expense for 2020. $(?)

Prepare the pension-related entries made by the company during 2020.(Credit account titles are automatically indented when the amount is entered.Do not indent manually.)

select an account title to record pension expense for the following accounts

1)-Contributions

2)-Pension Expense

3)-Pension Contributions Payable

4)-Net Defined Benefit Liability/Asset

5)-Cash

Date A/C. Debit Credit

2020. ? ? ?

? ? ?

(To record pension expenses)

2020. ? ? ?

? ? ?

(To record contribution to the pension fund.)

Compare the plan's surplus or deficit at December 31, 2020, with the amount reported on the December 31, 2020 balance sheet.

1)-Planselect an optionsurplus-deficit $-(?)

$enter a dollar amount

2)-Net defined benefitselect asset or liabilityliabilityasset

, Dec. 31/20. $(?)