Sheridan Corporation is a privately owned company that follows ASPE. During 2023, changes to life expectancy and disability led to an increase in the defined benefit obligation relating to changed actuarial assumptions of $37,000. The expected return on assets for 2023 was 4%, while the actual return was 5%. The discount rate used for determining the defined benefit obligation was 4%. On December 31,2023 , Sheridan's employees agreed to a $60,000 reduction in past service benefits. Sheridan's accountant began working on the pension worksheet, however she has become ill and you have been asked to complete the worksheet for her. Following is the partial pension worksheet for Sheridan Corporation: Complete the pension worksheet and indicate the amount of the pension liability or asset to appear on Sheridan's statement of financial position. General Journal Entr Balance, January 1, 2023 (a) Current Service Cost (b) Past Service Cost (c) Net Interest/Finance Cost (d) Asset Remeasurement Gain/Loss (e) Actuarial Gain/Loss (f) Employer Contributions to Pension Fund (g) Employee Contributions to Pension Fund (h) Benefits Paid to Retirees from Pension Fund Defined benefit expense Entry - 2023 Net Funding Entry 228,000 Dr. 228,000 60,000 Balance, December 31, 2023 Memo Record Defined Benefit Plan Assets 448,000Cr.228,000Cr. 382,000 Dr. 228,000Dr.60,000Cr.44,000Cr. 44,000 Dr