Sheridan Corporation initiated a defined benefit pension plan for its 50 employees on January 1, 2020. The insurance company that administers the pension plan provides the following information for the years 2020, 2021, and 2022: Plan assets (fair value) Defined benefit obligation Net actuarial (gain) loss: DBO Remeasurement (gain) loss: fund assets For Year Ended December 31 2020 2021 2022 $52,000 $86,000 $169,000 63,900 ? ? 8,900 (24,500) 84,500 ? ? (15,120) 60,000 95,000 Employer's funding contribution (made at end of year) 52,000 There were no balances as at January 1, 2020, when the plan was initiated, because no credit was given for past service. The rate used to discount the company's pension obligation was 13% in 2020, 11% in 2021, and 8% in 2022. The service cost component of net periodic pension expense amounted to the following: 2020, $55,000; 2021, $86,000; and 2022, $120,000. No benefits were paid in 2020, but $31,000 was paid in 2021, and $34,000 in 2022. (All benefits were paid and all actuarial gains and losses were determined at the end of the year.) The company applies IFRS. 2021 Prepare a continuity schedule for the defined benefit obligation over the three-year period. (Round answers to 0 decimal places, e.g. 5,275. Enter negative amounts using either a negative sign preceding the number e.g.-45 or parentheses e.g. (45). Do not leave any answer field blank. Enter O for amounts.) Sheridan Corporation Continuity Schedule of Defined Benefit Obligation A > 2020 < < < > A EA 2022 GA Prepare a continuity schedule for the plan assets over the three-year period. (Round answers to O decimal places, e.g. 5,275. Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45). Do not leave any answer field blank. Enter O for amounts.) Sheridan Corporation Continuity Schedule of Plan Assets 2020 2021 GA GA EA +A: 2022 Calculate the amount of net periodic pension expense that the company will recognize in each of 2020, 2021, and 2022. (Round answers to O decimal places, e.g. 5,275.) $ Pension expense, 2020 Pension expense, 2021 $ Pension expense, 2022 $ Prepare and complete a pension work sheet for each of 2020, 2021, and 2022. (Round answers to O decimal places, e.g. 5,275.) Items Balance, Jan. 1, 2020 (a) Service cost (b) Net interest/finance cost (c) Actuarial loss, DBO (d) Contributions (e) Benefits paid Expense entry Funding entry, 12/31/20 Balance, Dec. 31, 2020 General Journal Entries Remeasurement (Gain) Loss (OCI) Annual Pension Expense exexeex $ $ .... $ Sheridan Corporation Pension Work Sheet-2020, 2021 and 2022 Cash NNNNNNNN Net Defined Benefit Liab/Asset Defined Benefit Obligation Memo Record Plan Assets $ ....... ....... A ....... $ annanue nananana aeneaua aaaaaaaaa aaaaaaa 1A > > tA > > < > < > < < > > < < > Determine the plan surplus or deficit at December 31, 2022, and the balance of the Net Defined Benefit Liability/Asset account that will be reported on the December 31, 2022 balance sheet. (Round answers to O decimal places, e.g. 5,275. Enter negative amounts using either a negative sign preceding the number e.g.-45 or parentheses e.g. (45). Do not leave any answer field blank. Enter O for amounts.) Plan Balance of the Net Defined Benefit account +A +A $