Presented below is information pertaining to Schreiber Corporation's defined benefit pension plan for the year ended August 31, 2021.

Fair value of plan assets on September 1, 2020	$1,876,554
Defined benefit obligation owing on September 1, 2020	$1,779,201
Discount rate for the year	6%
Actual return on plan assets for the year	7%
Expected return on plan assets for the year	6%
Current service cost for the year	$157,256
Benefits paid during the year	$223,442
Plan contributions for the year	$250,466
Prior year service cost, granted September 1, 2020	$65,144
Defined benefit obligation on August 31, 2021	$1,859,220

Schreiber Corporation is a publicly accountable enterprise that follows IFRS.

Required:

1. Prepare a pension worksheet for Schreiber Corporation for the year ended August 31, 2021.
2. Prepare the journal entries required by Schreiber Corporation for the pension plan in 2021. 
3. What is the amount of the plan's surplus or deficit at August 31, 2021? 

Answer rating: 100% (QA)

Solution 1 a Current service cost and past service cost are recorded as part of the pension expense ... View the full answer