QUESTION 7.5 (35 marks) Presented below is information related to the defined benefit pension plan...
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QUESTION 7.5 (35 marks) Presented below is information related to the defined benefit pension plan of Vandelay Industries for the year 2020. The corporation uses IFRS. Defined benefit obligation, Jan 1 Fair value of plan assets, Jan 1 Current service cost Interest (discount) rate Expected & actual return on plan assets Past service cost (as of Jan 1) Actuarial loss Contributions to plan Remeasurement loss on plan assets Payments to retirees $375,000 350,000 300,000 10% 9% 25,000 14,900 290,000 11,500 250,000 Required a. Calculate the pension expense to be reported on the income statement for 2020. b. Calculate the amount to be shown as OCI for 2020. C. Calculate the fair value of the plan assets at December 31, 2020. d. Prepare the journal entries to reflect the accounting for the company's pension plan for the year ending December 31, 2020
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