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

Defined benefit obligation, funding basis, 1/1/20 (before amendment)		$418,000
Plan assets, 1/1/20		407,700
Net defined benefit liability, 1/1/20		10,300
On January 1, 2020, Sunland Corp., through a plan amendment, granted prior service benefits having a present value of		59,600
Interest/discount rate		9%
Annual pension service cost		44,500
Contributions (funding)		41,400
Actual return on plan assets		39,300
Benefits paid to retirees		49,600

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

QUESTIONS:

A) Prepare a continuity schedule for the DBO for 2020.

Sunland Corp. Continuity Schedule *choose the accounting period*
select an opening name		$
select an item		$
		enter a subtotal of the two previous amounts
select an item		$
select an item		$
select an item		$
select a closing name		$

B) Prepare a continuity schedule for the plan assets for 2020.

Sunland Corp. Continuity Schedule *choose the accounting period*
Select an opening name: Plan Assets, 12/31/20 Benefits Paid Out Actual Return on Plan Assets Plan Assets, 1/1/20 Contributions		$
Select an item: Plan Assets, 1/1/20 Actual Return on Plan Assets Contributions Plan Assets, 12/31/20 Benefits Paid Out		$
Select an item: Plan Assets, 1/1/20 Actual Return on Plan Assets Contributions Benefits Paid Out Plan Assets, 12/31/20		$
Select an item: Actual Return on Plan Assets Contributions Benefits Paid Out Plan Assets, 1/1/20 Plan Assets, 12/31/20		$
Select a closing name: Benefits Paid Out Plan Assets, 12/31/20 Actual Return on Plan Assets Contributions Plan Assets, 1/1/20		$

C) Calculate pension expense for 2020

D) Prepare the entry to record the expense.

Date	Account Titles and Explanation	Debit	Credit
December 31, 2020	Select an account title: Pension Expense Net Defined Benefit Liability/Asset Pension Contributions Payable Contributions Cash
	Select an account title: Net Defined Benefit Liability/Asset Pension Contributions Payable Contributions Pension Expense Cash

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

Net defined benefit select (asset or liability) *Pick one* , December 31, 2020 $______

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

Pension: select an option (deficit OR surplus)

$ enter a dollar amount

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).) Sunland Corp. Continuity Schedule