QUESTION.

Sunland 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, 2017		December 31, 2017
Vested benefit obligation		$1,300		$1,460
Defined benefit obligation, accounting basis		2,240		3,004
Plan assets (fair value)		1,360		2,089
Interest/discount rate		10%		10%
Net defined benefit liability/asset		?		?
Past service cost, plan amendment, effective December 30, 2017				360
Service cost for the year 2017				300
Contributions (funding) 2017				700
Benefits paid in 2017				120

(Enter answers in thousands of dollars.)

a/ Calculate the actual return on the plan assets in 2017.

b/ Calculate the amount of the net defined benfit liability/asset as at Januray 1, 2017.

c/ Prepare a continuity schedule of the defined benefit obligation for the 2017 year.

d/ Calculate the pension expense for 2017, seperatly identifying each amount making up the total expense.

e/ Prepare the pension-related entries made by the company during 2017.

f/ Compare the plan's surplus or deficit at December 31, 2017 with the amount reported on the December 31, 2017 balance sheet.