Sandhill Corporation provides the following information about its defined benefit pension plan for the year 2020:

Current service cost $226,000

Contribution to the plan 263,500

Past service cost, effective December 31, 2020 26,000

Actual return on plan assets 160,000

Benefits paid 110,000

Net defined benefit liability at January 1, 2020 401,000

Plan assets at January 1, 2020 1,600,000

Defined benefit obligation at January 1, 2020 2,001,000

Interest/discount rate on the DBO and plan assets 10%

Sandhill follows IFRS.

Required:

1. Prepare a continuity schedule for 2020 for the defined benefit obligation and also prepare a continuity schedule for 2020 for the plan assets.

2. Calculate pension expense for the year 2020 and prepare all pension journal entries recorded by Sandhill in 2020.

3. What pension amount will appear in Sandhills SFP on December 31, 2020?