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Question 1 (30 marks) Telford Corporation, a chain of tourism-based businesses, sponsors a defined benefit...

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Question

Accounting

Question 1 (30 marks)

Telford Corporation, a chain of tourism-based businesses, sponsors a defined benefit pension plan for its employees. Telford follows IFRS. The plans trustee reports the following information for calendar Year 5:

Instructions

acct3211_assignment3_q1.png (72002665) (tru.ca)

  1. Fill in the pension spreadsheet below.

Remeasurement gain/loss

Pension expense

Cash

Net defined benefit liab/asset

DBO

Plan assets
72,000 cr

312,000

240,000

Current service cost

Past service costs

Interest cost

Expected return

Remeasurement gain/loss

Contributions

Benefits paid

  1. Provide the following figures:

    Pension expense for Year 5

    DBO ending balance

    Plan assets ending balance

    Net defined benefit liability/asset ending balance

    Remeasurement gain/loss ending balance

  2. Prepare the pension-related journal entries for Year 5.

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