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Calculate the pension expense to be reported

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Reference no: EM133093204

Question - Presented below is information related to the defined benefit pension plan of Grande Prairie Ltd. for the year 2020. The corporation uses IFRS.

Defined benefit obligation, Jan 1 $375,000

Fair value of plan assets, Jan 1 350,000

Current service cost 300,000

Interest (discount) rate 10%

Expected return on plan assets 10%

Actual return on plan assets 32,500

Past service cost 25,000

Actuarial loss on DBO 14,900

Contributions to plan 290,000

Payments to retirees 250,000

Required -

a) Calculate the pension expense to be reported on the income statement for 2020.

b) Calculate the amount to be shown as OCI for 2020.

c) Calculate the fair value of the plan assets on December 31, 2020.

d) Calculate the balance of the defined benefits obligation of the pension plan on December 31, 2020.

e) Briefly comment on the changes of the surplus or deficits of Grande Prairie in the year of 2020.

Reference no: EM133093204

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