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Prepare pension worksheet for martinez corporation

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Question - Martinez Corporation is a publicly traded company and follows IFRS. On December 31, 2019, Martinez's financial records indicated the following information related to the company's defined benefit pension plan:

Defined Benefit Obligation $1,350,000

Pension Plan Assets 1,490,000

Martinez Corporation's actuary provided the following information on December 31, 2020:

Current year service cost $87,000

Prior service cost, granted Jan 1, 2020 186,000

Employer contributions for the year 90,000

Benefits paid to retirees 31,000

Expected return on assets 5%

Actual return on assets 6%

Discount rate 5%

Required - Prepare pension worksheet for Martinez Corporation for 2020.

Reference no: EM133146456

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