Sheffield corporation is a privately owned company that uses ASPE

Additional Problem 3 (Part Level Submission) Sheffield Corporation is a privately owned company that uses ASPE. On January 1, 2017 Sheffield's financial records indicated the following information related to the company's defined benefit pension plan: Defined Benefit Obligation $1,350,000 Pension Plan Assets 1,510,000 Sheffield Corporation's actuary provided the following information on December 31, 2017: Current year service cost $87,000 Prior service cost, granted Jan 1, 2017 193,000 Employer contributions for the year 94,000 Benefits paid to retirees 26,000 Expected return on assets 5% Actual return on assets 6% Discount rate 5%Annual Pension Net Defined Liability/ Defined Benefit Expense Cash Asset Obligation Plan Assets alance, January 1, 2017 1350000 a) Current Service Cost 87000 Dr. + 87000 b) Past Service Cost 193000 Dr. 193000 c) Net Interest/Finance Cost 0 Dr. 1350000 d) Asset Remeasurement Gain/Loss e) Actuarial Gain/Loss (Not Applicable FOR 2017) F) Employer Contributions to Pension Fund g) Benefits Paid to Retirees from Pension Fund Pension Expense Entry - 2017 Net Funding Entry + alance, December 31, 2017