Sunland 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 $36,000. 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. Sunland's employees agreed to a $64,000 reduction if past service benefits. Sunland'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 Sunland Corporation: Complete the pension worksheet and indicate the amount of the pension liability or asset to appear on Sunland's statement of financial position. Annual Defined Benefit Expe Balance, January 1, 2023 (a) Current Service Cost 229,000 Dr. (b) Past Service Cost (c) Net Interest/Finance Cost (d) Asset Remeasurement Gain/Loss (e) Actuarial Gain/Loss (f) Employer Contributions to Pension Fund (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 Balance, December 31,2023 General Journal Entries NetDefined Liability/ Annual Defined Benefit Expense Asset Annual Defined Benefit 79,000Cr. 229,000Dr. 229,000 Dr. 229,000 Dr. 64,000Cr. 39,000 Dr. 39,000Cr. Sunland 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 $36,000. 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. Sunland's employees agreed to a $64,000 reduction if past service benefits. Sunland'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 Sunland Corporation: Complete the pension worksheet and indicate the amount of the pension liability or asset to appear on Sunland's statement of financial position. Annual Defined Benefit Expe Balance, January 1, 2023 (a) Current Service Cost 229,000 Dr. (b) Past Service Cost (c) Net Interest/Finance Cost (d) Asset Remeasurement Gain/Loss (e) Actuarial Gain/Loss (f) Employer Contributions to Pension Fund (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 Balance, December 31,2023 General Journal Entries NetDefined Liability/ Annual Defined Benefit Expense Asset Annual Defined Benefit 79,000Cr. 229,000Dr. 229,000 Dr. 229,000 Dr. 64,000Cr. 39,000 Dr. 39,000Cr
