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Dharma Initiative, Inc., has a defined benefit pension plan. Characteristics of the plan during 2013 are as follows: The expected long-term rate of return on plan assets was 8%. There were no AOCI balances related to pensions on January 1, 2013, but at the end of 2013, the company amended the pension formula creating a prior service cost of $24 million. Dharma Initiative prepares its financial statements according to International Financial Reporting Standards.
Required:
1. Calculate the pension expense for 2013.
2. Prepare the journal entry to record pension expense, gains or losses, past service cost, funding, and payment of benefits for 2013.
3. What amount will Dharma Initiative report in its 2013 balance sheet as a net pension asset or net pension liability?
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