Sandhill Limited sponsors a defined benefit pension plan, and follows ASPE. The corporations actuary provides the following information about the plan (in thousands of dollars):

		January 1, 2020		December 31, 2020
Vested benefit obligation		$1,500		$1,510
Defined benefit obligation, accounting basis		2,240		3,044
Plan assets (fair value)		1,380		2,116
Interest/discount rate		10%		10%
Net defined benefit liability/asset		?		?
Past service cost, plan amendment, effective December 30, 2020				380
Service cost for the year 2020				320
Contributions (funding) 2020				700
Benefits paid in 2020				120

(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

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

Net defined benefit select asset or liability liabilityasset, January 1, 2020

$enter a dollar amount

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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 Past Service Cost, Dec. 30/20 Plan AmendmentDBO, December 31, 2020DBO, January 1, 2020Current Service Cost, 2020Interest CostBenefits Paid in 2020		$enter a dollar amount
select an item Current Service Cost, 2020DBO, January 1, 2020DBO, December 31, 2020Past Service Cost, Dec. 30/20 Plan AmendmentInterest CostBenefits Paid in 2020		enter a dollar amount
select an item Interest CostDBO, December 31, 2020Current Service Cost, 2020Past Service Cost, Dec. 30/20 Plan AmendmentDBO, January 1, 2020Benefits Paid in 2020		enter a dollar amount
select an item DBO, December 31, 2020DBO, January 1, 2020Past Service Cost, Dec. 30/20 Plan AmendmentCurrent Service Cost, 2020Interest CostBenefits Paid in 2020		enter a dollar amount
select an item Benefits Paid in 2020Interest CostCurrent Service Cost, 2020DBO, January 1, 2020Past Service Cost, Dec. 30/20 Plan AmendmentDBO, December 31, 2020		enter a dollar amount
select a closing name Benefits Paid in 2020DBO, January 1, 2020Past Service Cost, Dec. 30/20 Plan AmendmentInterest CostCurrent Service Cost, 2020DBO, December 31, 2020		$enter a total amount

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 cost		enter a dollar amount
Asset remeasurement gain		enter a dollar amount
Past service cost		enter 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 ContributionsCashNet Defined Benefit Liability/AssetPension Contributions PayablePension Expense	enter a debit amount	enter a credit amount
	select an account title to record pension expense CashContributionsPension Contributions PayablePension ExpenseNet 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 Pension ExpenseCashPension Contributions PayableContributionsNet Defined Benefit Liability/Asset	enter a debit amount	enter a credit amount
	select an account title to record contribution to the pension fund Net Defined Benefit Liability/AssetPension ExpenseCashContributionsPension Contributions Payable	enter a debit amount	enter a credit amount
	(To record contribution to the pension fund.)

eTextbook and Media

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

Plan select an option surplusdeficit		$enter a dollar amount
Net defined benefit select asset or liability liabilityasset, Dec. 31/20		$enter a dollar amount