Company G offers a defined benefit pension plan to its employees. At December 31, 2018,...
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Company G offers a defined benefit pension plan to its employees. At December 31, 2018, the present value of the defined benefit obligation of the pension plan was $7,800,000 and the fair value of the plan assets was $8,000,000. Information pertaining to the pension plan in 2019 follows: . The actuary advised that current service cost was $900,000. The discount rate used in actuarial assumptions was 5%. . On June 1, 2019, Company G retroactively improved the benefits under the plan to January 1, 2019. The cost of this improvement was determined by the plan actuary to be $975,000. Benefits paid to retirees on July 1, 2019 were $750,000. Company G contributed $675,000 to the pension plan on March 1, 2019. The present value of the defined benefit obligation at December 31, 2019, was $8,125,000. The fair market value of plan assets as at December 31, 2019, was $8,375,000. Company G has a December 31 year end. Required: Prepare the worksheet and journal entries for 2019 using IFRS. Prepare the worksheet and journal entries for 2019 using ASPE. For ASPE finance cost is calculated using the weighted average method
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