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Laudi Inc. follows IFRS and uses the immediate recognition method for its pension plan. The...

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Accounting

Laudi Inc. follows IFRS and uses the immediate recognition method for its pension plan. The following information has been provided regarding the defined benefit pension plan for 2024.
Current service cost $ 600,000
Actual return on plan assets 315,000
Contributions 1,080,000
Past service costs (incurred on Dec 31,2024)126,000
Benefits paid to retirees 72,000
Interest rate on ABO 10%
Expected rate of return on plan assets 8%
The balances for the following accounts as at December 31,2023 were as follows:
Accrued Pension Assets/Liabilities $ 1,200,000 CR
Accrued Benefit Obligation 4,500,000 CR
The Accrued Benefit Obligation was revalued on December 31,2024 and it was estimated to be $5,400,000.
Required:
(1) Use the above information to fill out the worksheet below. Indicate debit/credit for all the entries in the pension worksheet and conclude whether the 2024 year-end balance sheet pension account is an accrued pension asset or liability.
(2) Prepare the journal entries to reflect the accounting for the company's pension plan for the year ending December 31,2024.

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