Sunland Corporation reports the following January 1, 2020 balances for its defined benefit pension plan, which it accounts for under FRS: plan assets, $460,000; defined benefit obligation, $460,000. Other data relating to three years of operation of the plan are as Follows: 2020 2021 2022 Annual service cost $34,800 $43,700 $59,400 Discount rate 10% 10% 10% Actual return on plan assets 37,100 50,170 54,800 Funding of current service cost 34,800 43,700 59,400 Funding of past service cost 67,000 80,000 Benefits paid 30,200 37,620 45,400 Past service cost (plan amended, 1/1/21) 348,000 Change in actuarial assumptions establishes a December 31, 2022 defined benefit obligation of 1,196,000 Your answer is partially correct. Prepare and complete a pension work sheet for 2020. Remeas. Gain/ Loss OCI Pension Expense Opening balance $ i $ Service cost i 34800 Net Int./ Fin.cost i Asset remeasurement Loss 67000 Dr. Contributions i Benefits paid i Expense entry 67000 Dr. $ 34800 Funding entry Total Sunland Corporation reports the following January 1, 2020 balances for its defined benefit pension plan, which it accounts for under IFRS: plan assets, $460,000; defined benefit obligation, $460,000. Other data relating to three years of operation of the plan are as follows: 2020 2021 2022 Annual service cost $34,800 $43,700 $59,400 Discount rate 10% 10% 10% Actual return on plan assets 37,100 50,170 54,800 Funding of current service cost 34,800 43,700 59,400 Funding of past service cost 67,000 80,000 Benefits paid 30,200 37,620 45,400 Past service cost (plan amended, 1/1/21) 348,000 Change in actuarial assumptions establishes a December 31, 2022 defined benefit obligation of 1,196,000 Your answer is partially correct. Prepare and complete a pension work sheet for 2020. Sunland Corporation Pension Worksheet for 2020 Net Defined Benefit (Liab) Asset Cash $ i $ i $ i i i i i 34800 Cr. i i i 43700 Cr. 34800 Cr. 34800 Dr. $ 8900 Cr. Sunland Corporation reports the following January 1, 2020 balances for its defined benefit pension plan, which it accounts for under IFRS: plan assets, $460,000; defined benefit obligation, $460,000. Other data relating to three years of operation of the plan are as follows: 2020 2021 2022 Annual service cost $34,800 $43,700 $59,400 Discount rate 10% 10% 10% Actual return on plan assets 37,100 50,170 54,800 Funding of current service cost 34,800 43,700 59,400 Funding of past service cost 67,000 80,000 Benefits paid 30,200 37,620 45,400 Past service cost (plan amended, 1/1/21) 348.000 Change in actuarial assumptions establishes a December 31, 2022 defined benefit obligation of 1,196,000 Your answer is partially correct. Prepare and complete a pension work sheet for 2020. Plan Assets DBO 460000 Cr. 460000 Cr. 34800 Cr. i 46000 Cr. 46000 Dr. V i 67000 Cr. i 34800 Dr. 30200 Dr. 30200 Cr. Cr. i i Dr. i i Cr. 571000 Cr. 638000 Dr. Your answer is incorrect. Determine the pension expense for each of 2020, 2021, and 2022. Pension expense, 2020 $ 34800 Pension expense, 2021 $ Pension expense, 2022 $ e Textbook and Media Your answer is incorrect. Prepare the journal entries to reflect the pension plan transactions and events for each year. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Year Account Titles and Explanation Debit Credit 2020 Pension Expense Remeasurement (Gain) Loss - OCI Net Defined Benefit Liability/Asset / (To record pension expense.) 2020 Net Defined Benefit Liability/Asset Cash (To record contribution to the pension fund.) 2021 Pension Expense Net Defined Benefit Liability/Asset (To record pension expense.) 2021 Net Defined Benefit Liability/Asset Cash (To record contribution to the pension fund.) 2022 Pension Expense Remeasurement (Gain) Loss - OCI DO! Net Defined Benefit Liabilitw/Asset (To record pension expense.) 2022 Net Defined Benefit Liability/Asset Cash (To record contribution to the pension fund.) Prepare a schedule reconciling the pension plan's surplus or deficit with the pension amounts reported on the SFP over the three- year period. (Enter negative amounts using either a negative sign preceding the number eg.-45 or parentheses eg. (45).) Sunland Corporation Reconciliation Schedule 2020 HI Sunland Corporation Reconciliation Schedule 2021 $ TOT DI Sunland Corporation Reconciliation Schedule 2022 $ eTextbook and Media x Your answer is incorrect. Determine the pension expense for each of 2020 2021, and 2022 assuming that the company applies ASPE. $ Pension expense, 2020 Pension expense, 2021 $ IND Pension expense, 2022 $