PharoahLimited 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, 2020December 31, 2020Vested benefit obligation$1,200$1,530Defined benefit obligation, accounting basis2,4003,190Plan assets (fair value)1,4002,091Interest/discount rate10%10%Net defined benefit liability/asset??Past service cost, plan amendment, effective December 30, 2020380Service cost for the year 2020320Contributions (funding) 2020660Benefits paid in 2020150

(Enter answers in thousands of dollars.)

Calculate the actual return on the plan assets in 2020.

Actual return on the plan assets in 2020$

enter the Actual return on the plan assets in 2020 in dollars

eTextbook and Media

Calculate the amount of the net defined benefit liability/asset as at January 1, 2020.

Net defined benefit

select asset or liability

liability

asset

, January 1, 2020$

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eTextbook and Media

Prepare a continuity schedule of the defined benefit obligation for 2020.(Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

select an opening name

DBO, December 31, 2020

DBO, January 1, 2020

Past Service Cost, Dec. 30/20 Plan Amendment

Interest Cost

Current Service Cost, 2020

Benefits Paid in 2020

$

enter a dollar amount

select an item

Past Service Cost, Dec. 30/20 Plan Amendment

Current Service Cost, 2020

DBO, December 31, 2020

Benefits Paid in 2020

Interest Cost

DBO, January 1, 2020

enter a dollar amount

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Interest Cost

Past Service Cost, Dec. 30/20 Plan Amendment

Current Service Cost, 2020

Benefits Paid in 2020

DBO, December 31, 2020

DBO, January 1, 2020

enter a dollar amount

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DBO, January 1, 2020

Past Service Cost, Dec. 30/20 Plan Amendment

DBO, December 31, 2020

Interest Cost

Benefits Paid in 2020

Current Service Cost, 2020

enter a dollar amount

select an item

Interest Cost

Benefits Paid in 2020

DBO, January 1, 2020

Past Service Cost, Dec. 30/20 Plan Amendment

DBO, December 31, 2020

Current Service Cost, 2020

enter a dollar amount

select a closing name

Benefits Paid in 2020

Interest Cost

Current Service Cost, 2020

DBO, December 31, 2020

DBO, January 1, 2020

Past Service Cost, Dec. 30/20 Plan Amendment

$

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eTextbook and Media

Calculate the pension expense for 2020, separately identifying each amount making up the total expense.(Enter negative amounts using either a negative sign preceding the number, e.g. -45 or parentheses, e.g. (45).)

Current service cost$

enter a dollar amount

Net interest costenter a dollar amount

Asset remeasurement gainenter a dollar amount

Past service costenter a dollar amount

Pension expense for 2020$

enter a total amount

eTextbook and Media

Prepare the pension-related entries made by the company during 2020.(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

Net Defined Benefit Liability/Asset

Pension Expense

Pension Contributions Payable

Contributions

Cash

enter a debit amount

enter a credit amount

select an account title to record pension expense

Pension Expense

Pension Contributions Payable

Contributions

Cash

Net Defined Benefit Liability/Asset

enter a debit amount

enter a credit amount

(To record pension expense.)2020

select an account title to record contribution to the pension fund

Net Defined Benefit Liability/Asset

Contributions

Cash

Pension Contributions Payable

Pension Expense

enter a debit amount

enter a credit amount

select an account title to record contribution to the pension fund

Pension Contributions Payable

Contributions

Cash

Pension Expense

Net Defined Benefit Liability/Asset

enter a debit amount

enter a credit amount

(To record contribution to the pension fund.)

eTextbook and Media

Compare the plan's surplus or deficit at December 31, 2020, with the amount reported on the December 31, 2020 balance sheet.

Plan

select an option

surplus

deficit

$

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Net defined benefit

select asset or liability

liability

asset

, Dec. 31/20$

enter a dollar amount