1a. Prepare a 2020 pension worksheet

1b. Prepare the journal entries at December 31, 2020, to record pension expense and related pension transactions

1c. Indicate the pension amounts reported in the balance sheet.

Sunland Acres sponsors a defined benefit pension plan. The corporation's actuary provides the following information about the plan. January 1, 2020 December 31, 2020 Vested benefit obligation $500 $610 Accumulated benefit obligation 610 760 Projected benefit obligation 830 953 Plan assets (fair value) 570 710 Settlement rate and expected rate of return 10% Pension asset/liability 260 ? Accumulated OCI (PSC) 210 ? Service cost for the year 2020 100 Contributions (funding in 2020) 80 Benefits paid in 2020 60 The average remaining service life per employee is 10 years. Sunland Acres sponsors a defined benefit pension plan. The corporation's actuary provides the following information about the plan. January 1, 2020 December 31, 2020 Vested benefit obligation $500 $610 Accumulated benefit obligation 610 760 Projected benefit obligation 830 953 Plan assets (fair value) 570 710 Settlement rate and expected rate of return 10% Pension asset/liability 260 ? Accumulated OCI (PSC) 210 ? Service cost for the year 2020 100 Contributions (funding in 2020) 80 Benefits paid in 2020 60 The average remaining service life per employee is 10 years