The following information is available for Sandhill Corporation's pension plan for the 2020 fiscal year: $283,000 $ Defined benefit obligation, 1/1/20, accounting basis, before plan amendment Fair value of plan assets, 1/1/20 307.000 Current service cost 63,600 Discount rate 14% Actual return on plan assets 12% Contributions (funding) 78,500 Benefits paid to retirees 42.700 On January 1, 2020, Sandhill Corp. amended its pension plan, resulting in past service costs with a present value of $140,050. Sandhill follows ASPE. Your answer is partially correct. Calculate pension expense for 2020. Pension expense $ Prepare journal entries to record the expense and funding for the year. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Pension Expense 78500 Pension Contributions Payable 78500 (To record pension expense.) Net Defined Benefit Liability/Asset 42700 Cash 42700 (To record contributions to the pension fund.) e Textbook and Media X Your answer is incorrect Determine the balance of the net defined benefit liability/asset reported on the December 31, 2020 balance sheet. Net defined benefit V December 31, 2020 $ Prepare a 2020 pension work sheet for Sandhill Corporation. Sandhill Corporation Pension Work Sheet - 2020 General Journal Entries Annual Pension Expense Items Cash $ IN i ta Balance, Jan. 1, 2020 PO (a) Past service cost IN (b) Current service cost i (c) Net interest/finance cost (d) Asset remeasurement loss (e) Contributions i (f) Benefits paid Expense entry - 2020 $ Contribution entry - 2020 $ Balance, Dec. 31, 2020 Prepare a 2020 pension work sheet for Sandhill Corporation. Memo Recor Net Defined Benefit Liability/ Asset Defined Benefit Obligation Cash $ $ IN i i i i i linnnnnnnn i $ A Prepare a 2020 pension work sheet for Sandhill Corporation. Memo Record Entries Defined Benefit Obligation Plan Assets $ $ DE 100 i i $ $ X Your answer is incorrect. Identify the December 31, 2020 plan surplus or deficit and compare it with the asset or liability reported on the December 31, 2020 balance sheet. Plan reported $