Ayayai Corporation is a privately owned company that uses ASPE. On January 1, 2020 Ayayais nancial records indicated the following information related to the companys dened benet pension plan: Dened Benet Obligation $1,350,000 Pension Plan Assets 1,500,000 Ayayai Corporations actuary provided the following information on December 31, 2020: Current year service cost $83,000 Prior service cost, granted Jan 1, 2020 170,000 Employer contributions for the year 83,000 Benets paid to retirees 25,000 Expected return on assets 5% Actual return on assets 6% Discount rate 5% Prepare a pension worksheet for Ayayai Corporation for 2020.

Headings: Annual Pension Expense Cash Net Dened Liability/ Asset Dened Benet Obligation Plan Assets Balance, January 1, 2020

Data lines under the headings of the form: Current Service Cost Past Service Cost Net Interest/Finance Cost Asset Remeasurement Gain/Loss Employer Contributions to Pension Fund Benets Paid to Retirees from Pension Fund Pension Expense Entry - 2020 Net Funding Entry Balance, December 31, 2020 Prepare pension plan journal entries for Ayayai Corporation 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 0 for the amounts.) Account Titles and Explanation Debit Credit (To record pension expense) (To record payment to the pension fund)