Sunland 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: For Year Ended December 31 2020 2021 2022 Plan assets (fair value) $51.000 $86,000 $166,000 Defined benefit obligation 63,900 ? ? Net actuarial (gain) loss: DBO 8,900 (24,500) 84,500 Remeasurement (gain) loss: fund assets ? ? (11.120) Employer's funding contribution (made at end of year) 51,000 60,000 95.000 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 $30,000 was paid in 2021, and $33,000 in 2022. (All benefits were paid and all actuarial gains and losses were determined at the end of the year.) The company applies ASPE. Prepare a continuity schedule for the defined benefit obligation over the three-year period. (Round answers to 0 decimal places, eg. 5,275. Enter negative amounts using either a negative sign preceding the number e.g.-45 or parentheses eg. (45). Do not leave any answer field blank. Enter O for amounts.) Sunland Corporation Continuity Schedule of Defined Benefit Obligation 2020 2021 2022 0 $ 63900 $ > $ $ $ Current Attempt in Progress Carla Vista Limited is a publicly traded company on the Toronto Stock Exchange. The company sponsors a defined benefit pension plan for all of its employees, and the controller provides you with the following data that relate to the plan for fiscal 2020: 1. The actuary has determined that the actuarial present value of future benefits earned by employees for services rendered in the year amounted to $77,400. 2. The plan requires Carla Vista to make a cash contribution of $157,500 to the plan assets for 2020. 3. On January 1, 2020, the company's defined benefit obligation was $927.000, and the fair value of pension plan assets was $855,000. The plan assets generated a return of $50,400 during the year, and Carla Vista's discount rate was 8%. 4. Benefits of $67,500 were paid in 2020. 5. In late December 2020, an actuarial revaluation of the defined benefit obligation indicated an actuarial loss of $26,100. (a) Determine the pension expense that should be recognized by the company in 2020. mer Clear 4. Benefits of $67,500 were paid in 2020. 5. In late December 2020, an actuarial revaluation of the defined benefit obligation indicated an actuarial loss of $26,100. (a) Determine the pension expense that should be recognized by the company in 2020. Pension expense $ Save for Later Attempts: 0 of 3 used Submit Answer Using multiple attempts will impact your score. 5% score reduction after attempt 1 (b) part above
