Pharoah Limited sponsors a defined benefit pension plan, and follows ASPE. The corporation's actuary provides the following information about the plan (in thousands of dollars):

		January 1, 2020		December 31, 2020
Vested benefit obligation		$1,200		$1,530
Defined benefit obligation, accounting basis		2,400		3,190
Plan assets (fair value)		1,400		2,091
Interest/discount rate		10%		10%
Net defined benefit liability/asset		?		?
Past service cost, plan amendment, effective December 30, 2020				380
Service cost for the year 2020				320
Contributions (funding) 2020				660
Benefits paid in 2020				150

Prepare a 2020 pension work sheet. (Enter answers in thousands of dollars.)

Pharoah Limited Pension Work Sheet - 2020 (ASPE)
	General Journal Entries		Memo Record
Items		Annual Pension Expense		Cash		Net Defined Benefit Liability/ Asset		Defined Benefit Obligation		Plan Assets
Balance, Jan. 1, 2020		$enter a dollar amount		select credit or debit Cr.Dr.		$enter a dollar amount		select credit or debit Cr.Dr.		$enter a dollar amount		select credit or debit Cr.Dr.		$enter a dollar amount		select credit or debit Cr.Dr.		$enter a dollar amount		select credit or debit Dr.Cr.
(a) Service cost		enter a dollar amount		select credit or debit Cr.Dr.		enter a dollar amount		select credit or debit Cr.Dr.		enter a dollar amount		select credit or debit Dr.Cr.		enter a dollar amount		select credit or debit Dr.Cr.		enter a dollar amount		select credit or debit Dr.Cr.
(b) Net interest/finance cost		enter a dollar amount		select credit or debit Cr.Dr.		enter a dollar amount		select credit or debit Dr.Cr.		enter a dollar amount		select credit or debit Dr.Cr.		enter a dollar amount		select credit or debit Dr.Cr.		enter a dollar amount		select credit or debit Dr.Cr.
(c) Asset remeasurement gain		enter a dollar amount		select credit or debit Dr.Cr.		enter a dollar amount		select credit or debit Cr.Dr.		enter a dollar amount		select credit or debit Cr.Dr.		enter a dollar amount		select credit or debit Cr.Dr.		enter a dollar amount		select credit or debit Cr.Dr.
(d) Past service cost in year		enter a dollar amount		select credit or debit Dr.Cr.		enter a dollar amount		select credit or debit Dr.Cr.		enter a dollar amount		select credit or debit Dr.Cr.		enter a dollar amount		select credit or debit Cr.Dr.		enter a dollar amount		select credit or debit Cr.Dr.
(e) Contributions		enter a dollar amount		select credit or debit Cr.Dr.		enter a dollar amount		select credit or debit Dr.Cr.		enter a dollar amount		select credit or debit Cr.Dr.		enter a dollar amount		select credit or debit Cr.Dr.		enter a dollar amount		select credit or debit Dr.Cr.
(f) Benefits paid		enter a dollar amount		select credit or debit Dr.Cr.		enter a dollar amount		select credit or debit Cr.Dr.		enter a dollar amount		select credit or debit Cr.Dr.		enter a dollar amount		select credit or debit Cr.Dr.		enter a dollar amount		select credit or debit Cr.Dr.
Expense entry - 2020		$enter a total amount		select credit or debit Cr.Dr.		enter a dollar amount		select credit or debit Dr.Cr.		enter a dollar amount		select credit or debit Cr.Dr.		enter a dollar amount		select credit or debit Dr.Cr.		enter a dollar amount		select credit or debit Dr.Cr.
Contribution entry - 2020						$enter a total amount		select credit or debit Cr.Dr.		enter a dollar amount		select credit or debit Cr.Dr.		enter a dollar amount		select credit or debit Cr.Dr.		enter a dollar amount		select credit or debit Dr.Cr.
Balance, Dec. 31, 2020										$enter a total amount		select credit or debit Dr.Cr.		$enter a total amount		select credit or debit Dr.Cr.		$enter a total amount		select credit or debit Cr.Dr.

eTextbook and Media

Prepare the journal entries at December 31, 2020, to record pension expense and the funding contributions. (Credit account titles are automatically indented when the amount is entered.Do not indent manually.)

Date	Account Titles and Explanation	Debit	Credit
2020	select an account title to record pension expense. ContributionsPension Contributions PayableCashNet Defined Benefit Liability/AssetPension Expense	enter a debit amount	enter a credit amount
	select an account title to record pension expense. ContributionsCashPension Contributions PayableNet Defined Benefit Liability/AssetPension Expense	enter a debit amount	enter a credit amount
	(To record pension expense.)
2020	select an account title to record contribution to the pension fund Pension ExpensePension Contributions PayableNet Defined Benefit Liability/AssetCashContributions	enter a debit amount	enter a credit amount
	select an account title to record contribution to the pension fund CashPension ExpensePension Contributions PayableContributionsNet Defined Benefit Liability/Asset	enter a debit amount	enter a credit amount
	(To record contribution to the pension fund.)