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Please fill in every blank! Sheridan Limited sponsors a defined benefit pension plan, and follows ASPE. The corporation's actuary provides the following information about the
Please fill in every blank!
Sheridan 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 $1,300 $1,470 2,400 3,200 Defined benefit obligation, accounting basis Plan assets (fair value) 1,360 2,088 Interest/discount rate 10% 10% ? ? Net defined benefit liability/asset Past service cost, plan amendment, effective December 30, 2020 370 Service cost for the year 2020 310 Contributions (funding) 2020 680 Benefits paid in 2020 120 Sheridan Limited Pension Work Sheet - 2020 (ASPE) General Journal Entries Annual Pension Expense Items Cash $ $ Contribution entry - 2020 LA > Balance, Dec. 31, 2020 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 Pension Expense Net Defined Benefit Liability/Asset (To record pension expense.) 2020 Net Defined Benefit Liability/Asset Cash (To record contribution to the pension fund.)Step by Step Solution
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