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The following defined benefit pension data of Sheridan Corp. apply to the year 2020: Defined benefit obligation, funding basis, 1/1/20 (before amendment) Plan assets,
The following defined benefit pension data of Sheridan Corp. apply to the year 2020: Defined benefit obligation, funding basis, 1/1/20 (before amendment) Plan assets, 1/1/20 $404,000 393,400 Net defined benefit liability, 1/1/20 10,600 On January 1, 2020, Sheridan Corp., through a plan amendment, granted prior service benefits having a present value of 54,300 Interest/discount rate Annual pension service cost Contributions (funding) Actual return on plan assets Benefits paid to retirees 9% 42,900 39,000 37,000 34,700 The company applies ASPE and has made an accounting policy choice to base its actuarial valuation of the DBO on the funding basis.
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