Ivanhoe Corporation is a privately owned company that uses ASPE. On January 1, 2020 Ivanhoes financial records indicated the following information related to the companys defined benefit pension plan:

Defined Benefit Obligation		$1,340,000
Pension Plan Assets		1,490,000

Ivanhoe Corporations actuary provided the following information on December 31, 2020:

Current year service cost		$83,000
Prior service cost, granted Jan 1, 2020		189,000
Employer contributions for the year		94,000
Benefits paid to retirees		26,000
Expected return on assets		5%
Actual return on assets		6%
Discount rate		5%

Prepare a pension worksheet for Ivanhoe Corporation for 2020.

General Journal Entries

Memo Record

Annual Pension Expense

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Net Defined Liability/ Asset

Defined Benefit Obligation

Plan Assets

Balance, January 1, 2020

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Current Service Cost

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Past Service Cost

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Net Interest/Finance Cost

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Asset Remeasurement Gain/Loss

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Employer Contributions to Pension Fund

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Benefits Paid to Retirees from Pension Fund

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Pension Expense Entry - 2020

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Net Funding Entry

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Balance, December 31, 2020

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