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Blossom Corporation provides the following information about its defined benefit pension plan for the year 2020:

Current service cost		$226,200
Contribution to the plan		263,700
Past service cost, effective December 31, 2020		26,200
Actual return on plan assets		160,000
Benefits paid		112,000
Net defined benefit liability at January 1, 2020		401,200
Plan assets at January 1, 2020		1,600,000
Defined benefit obligation at January 1, 2020		2,001,200
Interest/discount rate on the DBO and plan assets		10%

Blossom follows IFRS.

Prepare a continuity schedule for 2020 for the defined benefit obligation. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

Blossom Corporation Continuity Schedule 2020
select an opening name Current Service CostInterest CostBenefits PaidPast ServiceDefined Benefit Obligation, 12/31/20Defined Benefit Obligation, 1/1/20		$enter a dollar amount
select an item Current Service CostDefined Benefit Obligation, 12/31/20Defined Benefit Obligation, 1/1/20Benefits PaidInterest CostPast Service		enter a dollar amount
select an item Defined Benefit Obligation, 1/1/20Benefits PaidPast ServiceInterest CostDefined Benefit Obligation, 12/31/20Current Service Cost		enter a dollar amount
select an item Defined Benefit Obligation, 1/1/20Benefits PaidDefined Benefit Obligation, 12/31/20Current Service CostInterest CostPast Service		enter a dollar amount
select an item Interest CostDefined Benefit Obligation, 12/31/20Past ServiceCurrent Service CostBenefits PaidDefined Benefit Obligation, 1/1/20		enter a dollar amount
select a closing name Defined Benefit Obligation, 12/31/20Past ServiceDefined Benefit Obligation, 1/1/20Interest CostCurrent Service CostBenefits Paid		$enter a total amount

eTextbook and Media

Prepare a continuity schedule for 2020 for the plan assets. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

Blossom Corporation Continuity Schedule 2020
select an opening name Plan Assets, 1/1/20Contributions into PlanBenefits PaidActual Return on Plan AssetsPlan Assets, 12/31/20		$enter a dollar amount
select an item Plan Assets, 12/31/20Benefits PaidPlan Assets, 1/1/20Actual Return on Plan AssetsContributions into Plan		enter a dollar amount
select an item Plan Assets, 1/1/20Actual Return on Plan AssetsContributions into PlanPlan Assets, 12/31/20Benefits Paid		enter a dollar amount
select an item Actual Return on Plan AssetsPlan Assets, 12/31/20Contributions into PlanBenefits PaidPlan Assets, 1/1/20		enter a dollar amount
select a closing name Actual Return on Plan AssetsPlan Assets, 12/31/20Contributions into PlanBenefits PaidPlan Assets, 1/1/20		$enter a total amount

eTextbook and Media

Calculate pension expense for the year 2020.

Pension expense

$enter Pension expense in dollars

eTextbook and Media

Prepare all pension journal entries recorded by Blossom in 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Date	Account Titles and Explanation	Debit	Credit
December 31, 2020	select an account title to record pension expense ContributionsPension ExpenseNet Defined Benefit Liability/AssetPension Contributions PayableCash	enter a debit amount	select a credit amount
	select an account title to record pension expense ContributionsPension Contributions PayableCashNet Defined Benefit Liability/AssetPension Expense	enter a debit amount	select a credit amount
	(To record pension expense)
December 31, 2020	select an account title to record contributions paid ContributionsPension ExpenseCashPension Contributions PayableNet Defined Benefit Liability/Asset	enter a debit amount	select a credit amount
	select an account title to record contributions paid Pension Contributions PayableContributionsNet Defined Benefit Liability/AssetPension ExpenseCash	enter a debit amount	select a credit amount
	(To record contributions paid)

eTextbook and Media

What pension amount will appear on Blossoms SFP at December 31, 2020?

Pension select asset or liability assetliability

$enter a dollar amount

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