Shamrock Corporation is a publicly traded company that follows IFRS. On December 31, 2019, Shamrock'financial records indicated the following information related to the company's defined benefit pension plan: Defined Benefit Obligation $3,745,000 Pension Plan Assets 3,745,000 On July 1, 2020, Shamrock acquired the operations of Trap Ltd. As one of the conditions of the purchase, Shamrock agreed that Trap's employees would be included in Shamrock's defined benefit pension plan, and would be granted credit for the past service of Trap's employees. The actuary estimated the value of the prior service amount granted on July 1, 2020 to be $209,000. Shamrockactuary provided the following information on December 31, 2020: Current year service cost Employer contributions for the year Benefits paid to retirees Actuarial increase in pension obligations Discount rate $907,000 964,000 330,000 49,000 6% 4% Actual return on assets Prepare a pension worksheet for Shamrock Corporation for the year ending December 31, 2020. Memo Record Remeasurement Gain/Loss OCI General Journal Entries Annual Pension Expense Net Defined Liability Asset Defined Benefit Obligation Cash Plan Assets Balance, January 1, 2020 Current Service Cost Past Service Cost Net Interest/Finance Cost Asset Remeasurement Gain/Loss Actuarial Gain/Loss Employer Contributions to Pension Fund Benefits Paid to Retirees from Pension Fund Pension Expense Entry-2020 Net Funding Entry Balance, December 31, 2020 Prepare the journal entry to record the pension expense for 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit (To record pension expense) (To record payment to the pension fund) What is the funded status on December 31, 2020? Shamrock pension plan is by$ on December 31, 2020. Shamrock Corporation is a publicly traded company that follows IFRS. On December 31, 2019, Shamrock'financial records indicated the following information related to the company's defined benefit pension plan: Defined Benefit Obligation $3,745,000 Pension Plan Assets 3,745,000 On July 1, 2020, Shamrock acquired the operations of Trap Ltd. As one of the conditions of the purchase, Shamrock agreed that Trap's employees would be included in Shamrock's defined benefit pension plan, and would be granted credit for the past service of Trap's employees. The actuary estimated the value of the prior service amount granted on July 1, 2020 to be $209,000. Shamrockactuary provided the following information on December 31, 2020: Current year service cost Employer contributions for the year Benefits paid to retirees Actuarial increase in pension obligations Discount rate $907,000 964,000 330,000 49,000 6% 4% Actual return on assets Prepare a pension worksheet for Shamrock Corporation for the year ending December 31, 2020. Memo Record Remeasurement Gain/Loss OCI General Journal Entries Annual Pension Expense Net Defined Liability Asset Defined Benefit Obligation Cash Plan Assets Balance, January 1, 2020 Current Service Cost Past Service Cost Net Interest/Finance Cost Asset Remeasurement Gain/Loss Actuarial Gain/Loss Employer Contributions to Pension Fund Benefits Paid to Retirees from Pension Fund Pension Expense Entry-2020 Net Funding Entry Balance, December 31, 2020 Prepare the journal entry to record the pension expense for 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit (To record pension expense) (To record payment to the pension fund) What is the funded status on December 31, 2020? Shamrock pension plan is by$ on December 31, 2020
