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Wildhorse Corporation sponsors a defined benefit pension plan for its 100 employees. On January 1, 2020, the company's actuary provided the following information: Pension plan
Wildhorse Corporation sponsors a defined benefit pension plan for its 100 employees. On January 1, 2020, the company's actuary provided the following information: Pension plan assets (fair value) $1,090,000 Defined benefit obligation 1,450,000 The actuary calculated that the present value of future benefits earned for employee services rendered in 2020 amounted to $213,200, the December 31, 2020 defined benefit obligation was $1,825,200, and the appropriate interest or discount rate was 9%. The plan assets generated a return of $80,600 during 2020. The company funded the 2020 current service cost as well as $106,600 of the past service costs recognized in a previous year; however, no benefits were paid during the year. Wildhorse Corporation is a private company and applies ASPE Prepare a schedule that indicates what the plan's surplus or deficit is at December 31, 2020. $ Determine the pension expense that the company will recognize in 2020. Pension expense $ eTextbook and Media Prepare the journal entries to record pension expense and the company's funding of the pension plan in 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation 2020 2020 (To record pension expense.) (To record contributions to the pension fund.) eTextbook and Media Debit Credit Prepare the journal entries to record pension expense and the company's funding of the pension plan in 2020, assuming titles are automatically indented when the amount is entered. Do not indent manually.) Prepare the journal entries to record pension expense and the company's funding of the pension plan in 2020, assuming Wildhorse applied IFRS. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation 2020 2020 (To record pension expense.) (To record remeasurement loss.) (To record contributions to the pension fund.) eTextbook and Media Debit Credit
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