Reference no: EM132932978
Question - XYZ is a Swedish controlled private corporation with a December 31, year end. It sponsors a non-contributory defined benefit pension plan for its employees. The following information relates to the pension plan for the current year:
Value of plan assets, beginning of the year $985,000
Value of plan assets, end of the year 1,015,000
Accrued benefit obligation, beginning of the year 1,165,000
Accrued benefit obligation, end of the year 1,194,000
Actuarial present value of current service (1) 125,000
Company contributions to trustee of plan assets (2) 135,000
Benefits paid to retirees in the year (3) 65,000
Discount rate for both the DBO and Plan Assets 4%
(1) Current service is earned evenly over the year
(2) The company contributions were made as follows:
April 1 - $75,000
October 1 - $65,000
(3) Benefits were paid to retired employees evenly over the year
Required -
I. Using the IFRS rules, prepare the journal entry required to account for pension expense for the current year.
II. Using the IFRS rules, prepare the pension spreadsheet for the current year?
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