Current Attempt in Progress

The following facts apply to the pension plan of Sheridan Inc. for the year 2020. Sheridan applies ASPE.

Plan assets, January 1, 2020		$528,000
Defined benefit obligation, funding basis, January 1, 2020		427,000
Defined benefit obligation, accounting basis, January 1, 2020		528,000
Discount/interest rate		8.50%
Annual pension service cost		40,600
Contributions		31,700
Actual return on plan assets		53,930
Benefits paid to retirees		33,500

(a)

Calculate pension expense for the year 2020, and provide the entries to recognize the expense and contributions for the year assuming that Sheridan has chosen the funding measure of its defined benefit obligation as its accounting policy choice.