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On January 1, 2021, Benefactor Corporation reported the following balances related...

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On January 1, 2021, Benefactor Corporation reported the following balances related to their defined benefit pension plan: S Fair value of plan assets $ 1,450,000 Defined benefit obligation 1,476,200 Other data related to the pension plan for the 2021 year follows: Current service cost 69,320 Contributions to the plan S 125,000 Benefits paid 114,987 Actual return on plan assets S 84,000 Prior year service cost, granted December 31, 2021 78,640 Defined benefit obligation at December 31, 2021 1,595,000 Interest/discount rate on the defined benefit obligation and plan assets 6% Assume that Benefactor Corporation has a December 31 year end and follows IFRS. Required: 1. Prepare a pension worksheet for Benefactor Corporation for the year ended December 31, 2021. 19.5 marks) V $ 2. Prepare the journal entries required by Benefactor Corporation for the pension plan in 2021. (25 marks) 3. Determine the funded status of the plan at December 31, 2021. (1 mark) 4. Prepare the necessary journal entries for the pension for 2021 if Benefactor Corporation follows ASPE instead of IFRS. A pension worksheet is not required. (2 marks)

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