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Give the employer year end accounting entry

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Reference no: EM132880707

Question - The following Defined Benefit Pension Data for the XYZ Corporation apply for the Fiscal Year 2020.

Beginning Defined Benefit Obligation 01/01/20 $8,400,000

Plan Asset 01/01/20 8,420,000

On January 01, 2020 Past Service Cost were Granted 200,000

Interest Rate/Discount Rate 10.0%

Current Service Cost 900,000

Contributions on 31/21/20 825,000

Actual Return on Plan Asset 780,000

Benefits Paid 700,000

Actuarial Loss on Defined Post Retirement Benefit Obligation On December 31, 2020 150,000

Required -

1. Compute (calculate) the Funded Status as at December 31st, 2019 and the Net Defined Benefit Asset Liability.

2. Compute (calculate) the Funded Status as at January 1st, 2020.

3. Compute (calculate) the Funded Status as at December 31st, 2020 and the Net Defined Benefit Asset Liability.

4. Calculate the Pension Expense for the Yuan Zhang Corporation in 2020 under ASPE.

5. Give the Employer's year end accounting entry to record the pension expense for the year December 31st, 2020 under ASPE.

6. Calculate the Pension Expense for the XYZ Corporation in 2020 under IFRS.

7. Give the Employer's year end accounting entry to record the pension expense for the year December 31st, 2020 under IFRS.

Reference no: EM132880707

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