Reference no: EM132929877
Question - Ivanhoe Corporation sponsors a defined benefit pension plan for its 100 employees. On January 1, 2020, the company's actuary provided the following information:
Pension plan assets (fair value) $1,050,000
Defined benefit obligation 1,400,000
The actuary calculated that the present value of future benefits earned for employee services rendered in 2020 amounted to $213,200, the December 31, 2020 defined benefit obligation was $1,825,200, and the appropriate interest or discount rate was 11%. The plan assets generated a return of $80,600 during 2020. The company funded the 2020 current service cost as well as $106,600 of the past service costs recognized in a previous year; however, no benefits were paid during the year. Ivanhoe Corporation is a private company and applies ASPE.
Required -
Prepare the journal entries to record pension expense and the company's funding of the pension plan in 2020, assuming Ivanhoe applied IFRS.
Determine the pension expense that the company will recognize in 2020.
Prepare the journal entries to record pension expense and the company's funding of the pension plan in 2020.
Prepare a schedule that indicates what the plan's surplus or deficit is at December 31, 2020.
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: Prepare the journal entries to record pension expense and the company's funding of the pension plan in 2020, assuming Ivanhoe applied IFRS
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