Reference no: EM133155351
Question - Oyster Corporation is a publicly traded company that follows IFRS. On December 31, 2019, Oyster's financial records indicated the following information related to the company's defined benefit pension plan:
Defined Benefit Obligation $3,726,000
Pension Plan Assets $3,726,000
On July 1, 2020, Oyster acquired the operations of Latch Ltd. As one of the conditions of the purchase, Oyster agreed that Latch's employees would be included in Oyster's defined benefit pension plan and would be granted credit for the past service of Latch's employees. The actuary estimated the value of the prior service amount granted on July 1, 2020, to be $202,000.
Oyster's actuary provided the following information on December 31, 2020:
Current year service cost $913,000
Employer contributions for the year $964,000
Benefits paid to retirees $308,000
Actuarial increase in pension obligations $53,000
Discount rate 6%
Actual return on assets 4%
Required -
A) Prepare a pension worksheet for Oyster Corporation for the year ending December 31, 2020.
B) Prepare the journal entry to record the pension expense for 2020.
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