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thank you for your help Blossom Limited sponsors a defined benefit pension plan, and follows ASPE. The corporation's actuary provides the following information about the
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Blossom Limited sponsors a defined benefit pension plan, and follows ASPE. The corporation's actuary provides the following information about the plan (in thousands of dollars): January 1, 2020 December 31, 2020 Vested benefit obligation $1,200 $1,470 Defined benefit obligation, accounting basis 2,400 3,180 Plan assets (fair value) 1,300 2,092 Interest/discount rate 10% 10% Net defined benefit liability/asset ? ? Past service cost, plan amendment, effective December 30, 2020 360 Service cost for the year 2020 300 Contributions (funding) 2020 640 Benefits paid in 2020 120 Prepare a 2020 pension work sheet. (Enter answers in thousands of dollars.) Blossom Limited Pension Work Sheet - 2020 (ASPE) General Journal Entries Annual Pension Expense Items Cash Balance, Jan. 1, 2020 $ ta $ Cr. Dr. (a) Service cost (b) Net interest/finance cost (c) Asset remeasurement gain (d) Past service cost in year (e) Contributions (f) Benefits paid Expense entry - 2020 $ Contribution entry - 2020 $ Balance, Dec. 31, 2020 Prepare the journal entries at December 31, 2020, to record pension expense and the funding contributions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit 2020 (To record pension expense.) 2020 Pension Contributions Payable Cash Net Defined Benefit Liability/Asset Pension Expense Contributions in fund.) e Textbook and MediaStep by Step Solution
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