Answer Happy

The following information is available
for Ivanhoe Corporation’s pension plan for the 2020
fiscal year:
On January 1, 2020, Ivanhoe Corp. amended its pension
plan, resulting in past service costs with a present value of
$140,200. Ivanhoe follows ASPE.
Calculate pension expense for 2020.
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
select an account title to record pension expense




Net Defined Benefit
Liability/AssetPension Contributions PayablePension
ExpenseContributionsCash
enter a debit amount
enter a credit amount
select an account title to record pension expense




ContributionsNet
Defined Benefit Liability/AssetPension ExpenseCashPension
Contributions Payable
enter a debit amount
enter a credit amount
select an account title to record contributions to the pension
fund




Pension Contributions PayablePension ExpenseContributionsNet
Defined Benefit Liability/AssetCash
enter a debit amount
enter a credit amount
select an account title to record contributions to the pension
fund




Pension ExpenseNet Defined Benefit
Liability/AssetContributionsPension Contributions PayableCash
enter a debit amount
enter a credit amount
Determine the balance of the net defined benefit liability/asset
reported on the December 31, 2020 balance sheet.