Reference no: EM132859686
Question - Jennings Inc. reports the following January 1, 2019 balances for its defined benefit pension plan:
Plan assets: $360,000
Defined benefit obligation: $360,000.
Other data relating to three years of operation of the plan are as follows:
2019 2020 2021
Annual service cost $32,000 $33,000 $45,000
Discount rate 10% 10% 10%
Actual return on plan assets 39,100 40,370 45,200
Funding 36,800 103,700 59,300
Benefits paid 32,200 37,720 48,300
Past service cost (plan amended, 1/1/2020) 68,000
Change in actuarial assumptions establishes a December 31, 2020 defined benefit obligation of 696,000*
* Note, you need to work backward to determine the actuarial gains or losses.
Required -
1. Prepare a pension work sheet for 2021, 2020, and 2021, assuming that Jennings reports under IFRS.
2. Complete a continuity schedule of the defined benefit obligation for 2021.
3. Complete a continuity schedule of the plan assets for 2021.
4. Determine the pension expense for 2021.
5. Prepare the journal entries to reflect the pension plan transactions and events for 2021.
6. Complete a schedule reconciling the pension plan's surplus or deficit with the pension amounts reported on the statement of financial position over the three-year period.
7. Had Jennings reported under ASPE, how would its pension accounting have been different? Show your computation and explain. (Hint: how would the pension expense for 2021 have been different?)
8. How has the risk of Jennings' employees' pension benefits changed from 2019 to 2021? Explain.
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