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Ivanhoe Limited is a publicly traded company on the Toronto Stock Exchange. The company sponsors a defined benefit pension plan for all of its employees,
Ivanhoe Limited is a publicly traded company on the Toronto Stock Exchange. The company sponsors a defined benefit pension plan for all of its employees, and the controller provides you with the following data that relate to the plan for fiscal 2020 : 1. The actuary has determined that the actuarial present value of future benefits earned by employees for services rendered in the year amounted to $68,800. 2. The plan requires Ivanhoe to make a cash contribution of $140,000 to the plan assets for 2020 . 3. On January 1, 2020, the company's defined benefit obligation was $824,000, and the fair value of pension plan assets was $760,000. The plan assets generated a return of $44,800 during the year, and Ivanhoe's discount rate was 8%. 4. Benefits of $60,000 were paid in 2020 . 5. In late December 2020 , an actuarial revaluation of the defined benefit obligation indicated an actuarial loss of $23,200. Determine the plan's surplus or deficit position and the balance of the Net Defined Benefit Liability/Asset account at January 1 , 2020 , and at December 31, 2020. Plan's at January 1, 2020 $ Plan's at December 31,2020$
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