The following information is available for Sandhill Corporation's pension plan for the year 2020: Plan assets, January 1, 2020 Actual return on plan assets Benefits paid to retirees Contributions (funding) Discount rate Defined benefit obligation, January 1, 2020, accounting basis valuation Service cost $370,000 17,000 42,000 93,000 12% 516,000 66,800 Calculate pension expense for the year 2020, assuming that Sandhill follows IFRS. Pension expense Provide the entries to recognize the pension expense and funding for the year. (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 (To record pension expense and remeasurement loss.) Dece 31, 2020 (To record contributions to the pension fund.) Calculate pension expense for the year 2020, assuming that Sandhill follows ASPE, and its accounting policy is to use an accounting basis valuation for its defined benefit obligation. Pension expense Provide the entries to recognize the pension expense and funding for the year. (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 (To record pension expense.) December 31, 2020 (To record contributions to the pension fund.) The following information is available for Sandhill Corporation's pension plan for the year 2020: Plan assets, January 1, 2020 Actual return on plan assets Benefits paid to retirees Contributions (funding) Discount rate Defined benefit obligation, January 1, 2020, accounting basis valuation Service cost $370,000 17,000 42,000 93,000 12% 516,000 66,800 Calculate pension expense for the year 2020, assuming that Sandhill follows IFRS. Pension expense Provide the entries to recognize the pension expense and funding for the year. (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 (To record pension expense and remeasurement loss.) Dece 31, 2020 (To record contributions to the pension fund.) Calculate pension expense for the year 2020, assuming that Sandhill follows ASPE, and its accounting policy is to use an accounting basis valuation for its defined benefit obligation. Pension expense Provide the entries to recognize the pension expense and funding for the year. (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 (To record pension expense.) December 31, 2020 (To record contributions to the pension fund.)
