On January 1, 2022, Seascape Ltd. reported the following balances relating to their defined benefit pension plan. Seascape Ltd. uses ASPE.

Defined benefit obligation............................................ $ 2,100,000

Fair value of plan assets............................................... 1,900,000

Other data related to the pension plan for 2022 are:

Current service cost...................................................... 110,000

Contributions to the plan.............................................. 105,000

Benefits paid................................................................. 180,000

Actual return on plan assets.......................................... 142,000

Interest (discount) rate ................................................. 7%

Past service costs, Jan 1 . 120,000

Actuary adjustment, Dec 31 220,000

Pension Asset/Liability account on Balance Sheet ?

Instructions

a) Calculate the defined benefit obligation at December 31, 2022.

b) Calculate the fair value of plan assets at December 31, 2022.

c) Calculate pension expense for 2022.

d) Prepare the journal entries to record the pension expense and the contributions for 2022.