Sheridan Corporation is a publicly traded company that follows IFRS. During 2023, changes to life expectancy and disability led to an increase in actuarial assumptions of $36,800. 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 retirees agreed to a $59,600 reduction in past service benefits. Sheridan's accountant began working on the pension worksheet, however she has become very ill and you have been asked to complete the worksheet for her. Following is the partial pension worksheet for Sheridan Corporation: Complete the pension workshect and indicate the amount of the pension liability or asset to appear on Sheridan's statement of financial position, Remeasurement Gain/Loss Annual Defined Benefit (OCl) Expense Balance, January 1, 2023 Current Service Cost 223,000 Dr. Past Service Cost Net Interest/Finance Cost Asset Remeasurement Gain/Loss Actuarial Gain/Loss Employer Contributions to Pension Fund Employer Contributions to Pension Fund Employee Contributions to Pension Fund Benefits Paid to Retirees from Pension Fund Defined benefit expense Entry- 2023 Net Funding Entry Balance, December 31,2023 General Journal Entries Annual Defined Benefit Net Defined Liability/ AnnualDefinedBenefitExpense223,000Dr. 00n00000 9 Memo Record 10Cr. 10Cr. 223,00 29,30 41,000 Dr. 41,00 Memo Record Defined Benefit Obligation Plan Assets 461,000Cr. 387,000 Dr. 223,000Cr. 223,000 Sheridan Corporation is a publicly traded company that follows IFRS. During 2023, changes to life expectancy and disability led to an increase in actuarial assumptions of $36,800. 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 retirees agreed to a $59,600 reduction in past service benefits. Sheridan's accountant began working on the pension worksheet, however she has become very ill and you have been asked to complete the worksheet for her. Following is the partial pension worksheet for Sheridan Corporation: Complete the pension workshect and indicate the amount of the pension liability or asset to appear on Sheridan's statement of financial position, Remeasurement Gain/Loss Annual Defined Benefit (OCl) Expense Balance, January 1, 2023 Current Service Cost 223,000 Dr. Past Service Cost Net Interest/Finance Cost Asset Remeasurement Gain/Loss Actuarial Gain/Loss Employer Contributions to Pension Fund Employer Contributions to Pension Fund Employee Contributions to Pension Fund Benefits Paid to Retirees from Pension Fund Defined benefit expense Entry- 2023 Net Funding Entry Balance, December 31,2023 General Journal Entries Annual Defined Benefit Net Defined Liability/ AnnualDefinedBenefitExpense223,000Dr. 00n00000 9 Memo Record 10Cr. 10Cr. 223,00 29,30 41,000 Dr. 41,00 Memo Record Defined Benefit Obligation Plan Assets 461,000Cr. 387,000 Dr. 223,000Cr. 223,000
