following Defined Benefit Pension Data for the Yuan Zhang Corporation apply for the Fiscal Year 2020.
Beginning Defined Benefit Obligation 01/01/20 .................................... $ 8,400,000
Plan Asset 01/01/20................................................................................... 8,420,000
On January 01, 2020 Past Service Cost were Granted ...................... 200,000
Interest Rate/Discount Rate...................................................................... 10.0%
Current Service Cost ................................................................................. 900,000
Contributions on 31/21/20 ........................................................................ 825,000
Actual Return on Plan Asset .................................................................... 780,000
Benefits Paid .............................................................................................. 700,000
Actuarial Loss on Defined Post Retirement Benefit Obligation
On December 31, 2020............................................................................. 150,000
Required:
- Compute (calculate) the Funded Status as at December 31st, 2019 and the Net Defined Benefit Asset Liability.
- Compute (calculate) the Funded Status as at January 1st, 2020.
- Compute (calculate) the Funded Status as at December 31st, 2020 and the Net Defined Benefit Asset Liability.
- Calculate the Pension Expense for the Yuan Zhang Corporation in 2020 under ASPE.
- Give the Employer's year end accounting entry to record the pension expense for the year December 31st, 2020 under ASPE.
- Calculate the Pension Expense for the Yuan Zhang Corporation in 2020 under IFRS.
- Give the Employer's year end accounting entry to record the pension expense for the year December 31st, 2020 under IFRS.
