Reference no: EM132998841
The following information concerns Sunland Corp.'s defined benefit pension plan.
Defined benefit obligation, 1/1/20 (before amendment) $247,000
Plan assets, 1/1/20 153,000
Discount rate 10%
Annual pension service cost 15,500
Actual return on plan assets 7,650
On January 1, 2020, the company amended its pension plan, which resulted in a reduction in prior service benefits for current employees. The present value of the reduced benefits is $36,500.
Problem 1: Calculate the pension expense that will be reported in net income for 2020 if Sunland applies IFRS.
Problem 2: Calculate the pension expense that will be reported in net income for 2020 if Sunland applies ASPE.
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