Reference no: EM133047393

Question - The following defined benefit pension data of Wildhorse Corp. apply to the year 2020: Defined benefit obligation, funding basis, 1/1/20 (before amendment) $434,000

Plan assets, 1/1/20 422,100

Net defined benefit liability, 1/1/20 11,900

On January 1, 2020, Wildhorse Corp., through a plan amendment, granted prior service benefits having a present value of 67,300Interest/discount rate 9% Annual pension service cost 42,000 Contributions (funding) 42,300 Actual return on plan assets 40,300 Benefits paid to retirees 35,800

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

Required - Prepare a continuity schedule for the DBO for 2020.

Prepare a continuity schedule for the plan assets for 2020.

Prepare the entry to record the expense.

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

Identify the plan's surplus or deficit at December 31, 2020.