* Question 4 Blossom Limited is a publicly traded company on the Toronto Stock Exchange. The company sponsors a defined benefit pension plan for all of its employees, and the controller provides you with the following data that relate to the plan for fiscal 2020: 1. 2. 3. The actuary has determined that the actuarial present value of future benefits earned by employees for services rendered in the year amounted to $82,560. The plan requires Blossom to make a cash contribution of $168,000 to the plan assets for 2020. On January 1, 2020, the company's defined benefit obligation was $988,800, and the fair value of pension plan assets was $912,000. The plan assets generated a return of $53,760 during the year, and Blossom's discount rate was 8%. Benefits of $72,000 were paid in 2020. In late December 2020, an actuarial revaluation of the defined benefit obligation indicated an actuarial loss of $27,840. 4. 5. Determine the pension expense that should be recognized by the company in 2020. Pension expense $ Prepare the journal entries to record pension expense and the employer's payment to the pension trustee in 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit (To record pension expense.) (To record remeasurement loss.) (To record contribution to the pension fund.) Determine the plan's surplus or deficit position and the balance of the Net Defined Benefit Liability/Asset account at January 1, 2020, and at December 31, 2020. Plan's at January 1, 2020 $ Plan's at December 31, 2020 $