Pharoah Corporation initiated a defined benefit pension plan for its 50 employees on January 1, 2020. The insurance company that administers the pension plan provides the following information for the years 2020, 2021, and 2022:

		For Year Ended December 31
		2020		2021			2022
Plan assets (fair value)		$52,000		$88,000			$167,000
Defined benefit obligation		65,900		?			?
Net actuarial (gain) loss: DBO		8,900		(24,500	)		84,500
Remeasurement (gain) loss: fund assets		?		?			(11,960	)
Employer's funding contribution (made at end of year)		52,000		60,000			95,000

There were no balances as at January 1, 2020, when the plan was initiated, because no credit was given for past service. The rate used to discount the companys pension obligation was 13% in 2020, 11% in 2021, and 8% in 2022. The service cost component of net periodic pension expense amounted to the following: 2020, $57,000; 2021, $88,000; and 2022, $117,000. No benefits were paid in 2020, but $29,000 was paid in 2021, and $35,000 in 2022. (All benefits were paid and all actuarial gains and losses were determined at the end of the year.) The company applies IFRS.

1. Prepare a continuity schedule for the defined benefit obligation over the three-year period. (Round answers to 0 decimal places, e.g. 5,275. Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45). Do not leave any answer field blank. Enter 0 for amounts.)

Accounts to use:

Current Service Cost

Net Actuarial Loss (Gain)

Benefits Paid Out

Defined Benefit Obligation at the End of Year

Defined Benefit Obligation at the Beginning of Year

Interest Cost

2. Prepare a continuity schedule for the plan assets over the three-year period. (Round answers to 0 decimal places, e.g. 5,275. Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45). Do not leave any answer field blank. Enter 0 for amounts.)

Accounts to use:

Plan Assets at Beginning of Year

Contributions

Benefits Paid Out

Actual Return on Assets

Plan Assets at End of Year

3. Calculate the amount of net periodic pension expense that the company will recognize in each of 2020, 2021, and 2022. (Round answers to 0 decimal places, e.g. 5,275.)

4. Prepare and complete a pension work sheet for each of 2020, 2021, and 2022. (Round answers to 0 decimal places, e.g. 5,275.)

5. Determine the plan surplus or deficit at December 31, 2022, and the balance of the Net Defined Benefit Liability/Asset account that will be reported on the December 31, 2022 balance sheet. (Round answers to 0 decimal places, e.g. 5,275. Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45). Do not leave any answer field blank. Enter 0 for amounts.)