Carla Vista Corporation provides the following information about its defined benefit pension plan for the...
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Accounting
Carla Vista Corporation provides the following information about its defined benefit pension plan for the year 2020:
| Current service cost | $225,100 | ||
| Contribution to the plan | 262,600 | ||
| Past service cost, effective December 31, 2020 | 25,200 | ||
| Actual return on plan assets | 159,400 | ||
| Benefits paid | 103,700 | ||
| Net defined benefit liability at January 1, 2020 | 408,000 | ||
| Plan assets at January 1, 2020 | 1,594,000 | ||
| Defined benefit obligation at January 1, 2020 | 2,002,000 | ||
| Interest/discount rate on the DBO and plan assets | 10% |
Carla Vista follows IRFS.
Prepare a pension work sheet.
Prepare all journal entries
What is the amount of the plans surplus/deficit at December 31, 2020?
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