Reference no: EM132589430
Question - Riverbed Inc. has a defined benefit plan for its employees. On December 31, 2019 the company's records showed the following information related to the plan:
Pension plan assets $293,900
Defined benefit obligation 371,300
All employees are expected to receive benefits under the plan. The company's actuary provided the following information as at December 31, 2020:
Current year service cost $48,600
Past service benefits, granted July 1, 2020 76,400
Expected return on assets 12%
Actual return on assets 10%
Discount rate on DBO 12%
Contributions for the year 34,100
Benefits paid to retirees 17,600
Required -
1. Calculate pension expense for Riverbed Inc. for 2020, assuming ASPE is used.
2. Calculate pension expense for Riverbed Inc. for 2020, assuming IFRS is used.
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