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Compare the plan surplus or deficit at december

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Reference no: EM132559400

Sheridan Corporation is a privately owned company that uses ASPE. On January 1, 2020 Sheridan's financial records indicated the following information related to the company's defined benefit pension plan:

Defined Benefit Obligation $1,370,000

Pension Plan Assets 1,520,000

Sheridan Corporation's actuary provided the following information on December 31, 2020:

Current year service cost                    $86,000

Prior service cost, granted Jan 1, 2020  177,000

Employer contributions for the year      91,000

Benefits paid to retirees                     27,000

Expected return on assets                      5%

Actual return on assets                           6%

Discount rate                                         5%

Required:

Question 1. Prepare a continuity schedule for defined benefit obligation for 2020

Question 2. Prepare a continuity schedule for plan asset for 2020

Question 3. Prepare pension related entries made by Sheridan Corporation for 2020.

Question 4. Compare the plan's surplus or deficit at December 31,2020, with the amount reported on the December 31,2020 balance sheet

Reference no: EM132559400

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