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And could you explain what to do for actuarial increase the pension obligation?? Is it for calculating the Actuarial Gain/Loss?? Sage Corporation is a privately

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And could you explain what to do for "actuarial increase the pension obligation"?? Is it for calculating the Actuarial Gain/Loss??

Sage Corporation is a privately owned company that follows ASPE. On December 31, 2019, Sage's financial records indicated the following information related to the company's defined benefit pension plan: Defined Benefit Obligation $7,551,900 Pension Plan Assets 7,258,100 On January 1, 2020, Sage acquired the operations of SZL Ltd. As one of the conditions of the purchase, Sage agreed that SZL's employees would be included in Sage's defined benefit pension plan and would be granted credit for the past service of SZL's employees. The actuary estimated the value of the prior service amount granted on January 1, 2020 to be $312,700. Sage's actuary provided the following information on December 31, 2020: Current year service cost Employer contributions for the year Benefits paid to retirees Actuarial increase in pension obligations Expected return on assets Actual return on assets Discount rate $371,700 414,500 171,200 128,700 6% Prepare a pension worksheet for Sage Corporation for the year ending December 31, 2020. General Journal Entries Net Det Annual Pension Expense Cash Balance, January 1, 2020 (a) Current Service Cost 371700 | Dr. & (b) Past Service Cost 312700 (c) Net Interest/Finance Cost 36390 (d) Asset Remeasurement Gain/Loss 72581 Dr. UBUC (e) Actuarial Gain/Loss (f) Employer Contributions to Pension Fund 414500 (g) Benefits Paid to Retirees from Pension Fund Pension Expense Entry - 2020 793371 Net Funding Entry 414500 Cr. Balance, December 31, 2020 Memo Record Net Defined Liability/ Asset Defined Benefit Obligation Plan Assets 293800 7551900 7258100 371700 Cr. 312700 471876 435486 72581 20088088098 414500 171200 171200 414500 120700 8536976 cr. 7864305 Prepare the journal entry to record the pension expense for 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit Pension Expense 480671 Net Defined Benefit Liability or Asset 480671 (To record pension expense) Net Defined Benefit Liability or Asset 414500 Cash 414500 (To record payment to the pension fund) e Textbook and Media - Your answer is partially correct. What is the funded status on December 31, 2020? Sage pension plan is underfunded by 672671 on December 31, 2020

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