SkysongCorporation is a privately owned company that uses ASPE. On January 1, 2020Skysong's financial records indicated the following information related to the company's defined benefit pension plan:

Defined Benefit Obligation $1,340,000

Pension Plan Assets $1,470,000

SkysongCorporation's actuary provided the following information on December 31, 2020:

Current year service cost $93,000

Prior service cost, granted Jan 1, 2020 $173,000

Employer contributions for the year $81,000

Benefits paid to retirees $25,000

Expected return on assets 5%

Actual return on assets 6%

Discount rate 5%

Required:

1. Prepare pension worksheet forSkysongCorporation for 2020.
2. Prepare pension plan journal entries for Skysong Corporation for 2020.
3. What is the funded status forSkysongCorporation at December 31, 2020? i.e.

Skysong's pension plan is_______by $___________ on December 31, 2020.