Reference no: EM132929856
Question - Blue Corporation is a publicly owned company that follows IFRS. On December 31, 2019, Blue's financial records indicated the following information related to the company's defined benefit pension plan:
Defined Benefit Obligation $7,542,300
Pension Plan Assets 7,245,200
On January 1, 2020, Blue acquired the operations of AMX Ltd. As one of the conditions of the purchase, Blue agreed that AMX's employees would be included in Blue's defined benefit pension plan, and would be granted credit for the past service of AMX's employees. The actuary estimated the value of the prior service amount granted on January 1, 2020 to be $311,500.
Blue's actuary provided the following information on December 31, 2020:
Current year service cost $381,200
Employer contributions for the year 427,500
Benefits paid to retirees 181,000
Actuarial increase in pension obligations 127,400
Expected return on assets 6%
Actual return on assets 5%
Discount rate 6%
Required -
1. Prepare the journal entry to record the pension expense for 2020.
2. Prepare a pension worksheet for Blue Corporation for the year ending December 31, 2020.
3. Prepare a pension worksheet for Blue Corporation for the year ending December 31, 2020.
4. Prepare a pension worksheet for Blue Corporation for the year ending December 31, 2020.
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