Reference no: EM132599246
Question - Pen Fen Corp has a defined benefit pension expense plan for its employees. In the year ended Dec 31, 2019, Pen Fen gathered the following information ( the company uses ASPE)
Contributions $500,000
Expected & Actual Return on Plan Assets 10%
Interest rate on Obligations 12%
Service costs relating to past services $100,000
Actuarial Loss $40,000
Current Service costs $630,000
DBO - Jan 1 ,2019 $720,000
FV Plan Assets - Jan 1 , 2019 $590,000
Benefits Paid $450,000
Required -
1. Calculate the Pension expense for 2019.
2. Prepare the relevant Journal Entries.
3. Explain how your answer for part 1 will be different if Pen Fen uses IFRS no J/E required.
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