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Coriander Co. (CC), a public company, has had a defined benefit pension plan for 30...

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Accounting

Coriander Co. (CC), a public company, has had a defined benefit pension plan for 30 years. Two years ago, CC improved the benefits at a cost of $3,100,000. At July 1, 2020, pension plan assets were $60,000,000, and pension obligations were $50,000,000. For the year ended June 30, 2021, CCs pension plan incurred current service costs of $5,400,000, and the pension assets actually earned $4,400,000. There were NO actuarial gains or losses for the year ended June 30, 2021. CCs discount rate is 8%. Required: Calculate CCs pension expense for the year ended June 30, 2021, and prepare the journal entries for its pension plan during this period. (5 marks

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