Solution-Prepare the journal entries at December

Prepare the journal entries at December

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Reference no: EM133069453

Question - Pharoah Limited sponsors a defined benefit pension plan, and follows ASPE. The corporation's actuary provides the following information about the plan (in thousands of dollars):

	January 1, 2020	December 31, 2020
Vested benefit obligation	$1,200	$1,530
Defined benefit obligation, accounting basis	2,400	3,190
Plan assets (fair value)	1,400	2,091
Interest/discount rate	10%	10%
Net defined benefit liability/asset	?	?
Past service cost, plan amendment, effective December 30, 2020		380
Service cost for the year 2020		320
Contributions (funding) 2020		660
Benefits paid in 2020		150

Required -

1. Prepare a 2020 pension work sheet.

2. Prepare the journal entries at December 31, 2020, to record pension expense and the funding contributions.

Reference no: EM133069453

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Prepare the journal entries at December

Reference no: EM133069453

Reference no: EM133069453

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