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Prepare a pension worksheet for sweet corporation for year

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Reference no: EM132834090

Sweet Corporation is a publicly traded company that follows IFRS.

On December 31, 2019, Sweet' financial records indicated the following information related to the company's defined benefit pension plan:

Defined Benefit Obligation $3,734,000

Pension Plan Assets 3,734,000

On July 1, 2020, Sweet acquired the operations of Trap Ltd. As one of the conditions of the purchase, Sweet agreed that Trap's employees would be included in Sweet's defined benefit pension plan, and would be granted credit for the past service of Trap's employees. The actuary estimated the value of the prior service amount granted on July 1, 2020 to be $196,000.

Sweet' actuary provided the following information on December 31, 2020:

Current year service cost $929,000

Employer contributions for the year 941,000

Benefits paid to retirees 310,000

Actuarial increase in pension obligations 49,000

Discount rate 6%

Actual return on assets 4%

Problem 1: Prepare a pension worksheet for Sweet Corporation for the year ending December 31, 2020.

Reference no: EM132834090

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