The following defined benefit pension data of Cullumber Corp. apply to the year 2020:

Defined benefit obligation, funding basis, 1/1/20 (before amendment)		$436,000
Plan assets, 1/1/20		424,500
Net defined benefit liability, 1/1/20		11,500
On January 1, 2020, Cullumber Corp., through a plan amendment, granted prior service benefits having a present value of		50,900
Interest/discount rate		9%
Annual pension service cost		40,700
Contributions (funding)		42,400
Actual return on plan assets		40,100
Benefits paid to retirees		43,200

The company applies ASPE and has made an accounting policy choice to base its actuarial valuation of the DBO on the funding basis.

Prepare a continuity schedule for the DBO for 2020. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

Cullumber Corp. Continuity Schedule choose the accounting period For the Year Ended December 31, 2020December 31, 2020For the Month Ended December 31, 2020
select an opening name Past Service CostCurrent Service CostDefined Benefit Obligation, 12/31/20Defined Benefit Obligation, 1/1/20Benefits Paid OutInterest Cost		$enter a dollar amount
select an item Current Service CostInterest CostBenefits Paid OutPast Service CostDefined Benefit Obligation, 1/1/20Defined Benefit Obligation, 12/31/20		enter a dollar amount
		enter a subtotal of the two previous amounts
select an item Current Service CostInterest CostPast Service CostBenefits Paid OutDefined Benefit Obligation, 12/31/20Defined Benefit Obligation, 1/1/20		enter a dollar amount
select an item Defined Benefit Obligation, 1/1/20Benefits Paid OutCurrent Service CostInterest CostDefined Benefit Obligation, 12/31/20Past Service Cost		enter a dollar amount
select an item Benefits Paid OutDefined Benefit Obligation, 1/1/20Past Service CostInterest CostCurrent Service CostDefined Benefit Obligation, 12/31/20		enter a dollar amount
select a closing name Current Service CostDefined Benefit Obligation, 12/31/20Interest CostPast Service CostBenefits Paid OutDefined Benefit Obligation, 1/1/20		$enter a total amount

Prepare a continuity schedule for the plan assets for 2020. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

Cullumber Corp. Continuity Schedule choose the accounting period For the Month Ended December 31, 2020December 31, 2020For the Year Ended December 31, 2020
select an opening name Plan Assets, 1/1/20Benefits Paid OutPlan Assets, 12/31/20Actual Return on Plan AssetsContributions		$enter a dollar amount
select an item Actual Return on Plan AssetsPlan Assets, 1/1/20Benefits Paid OutContributionsPlan Assets, 12/31/20		enter a dollar amount
select an item Plan Assets, 12/31/20ContributionsActual Return on Plan AssetsBenefits Paid OutPlan Assets, 1/1/20		enter a dollar amount
select an item Plan Assets, 1/1/20Plan Assets, 12/31/20Benefits Paid OutContributionsActual Return on Plan Assets		enter a dollar amount
select a closing name Benefits Paid OutPlan Assets, 12/31/20ContributionsPlan Assets, 1/1/20Actual Return on Plan Assets		$enter a total amount

eTextbook and Media

Calculate pension expense for 2020

Pension expense

$enter Pension expense in dollars

Prepare the entry to record the expense. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Date	Account Titles and Explanation	Debit	Credit
December 31, 2020	select an account title Net Defined Benefit Liability/AssetCashPension Contributions PayableContributionsPension Expense	enter a debit amount	enter a credit amount
	select an account title CashContributionsPension Contributions PayableNet Defined Benefit Liability/AssetPension Expense	enter a debit amount	enter a credit amount

Calculate the balance of the net defined benefit liability/asset at December 31, 2020.

Net defined benefit select asset or liability assetliability, December 31, 2020

$enter a dollar amount

Identify the plans surplus or deficit at December 31, 2020.

Pension select an option deficitsurplus

$enter a dollar amount