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Find the net defined benefit liability

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Reference no: EM132853093

Question - The following information is available for Sweet Enterprises Ltd. for calendar 2020. The corporation uses IFRS.

Plan assets (at fair value), end of year $1,800,000 Dr

Defined benefit obligation, end of year 1,920,000 Cr

Pension expense 60,000

Contributions for year 324,000

Required - Find the net defined benefit liability/asset that should be reported at December 31, 2020?

1. $120,000 asset.

2. $120,000 liability.

3. $204,000 asset.

4. $360,000 liability.

Reference no: EM132853093

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