Rebek Corporation provides the following information about its defined benefit pension plan for the year 2014: Current

Question:

Rebek provides the following information about its defined benefit pension plan for the year 2014:
Current service cost.......................................$ 225,000
Contribution to the plan....................................262,500
Past service cost...............................................25,000
Actual and on plan assets...............160,000
Benefits paid................................................100,000
Net defined benefit liability at Jan. 1, 2014............400,000
Plan assets at Jan. 1, 2014..............................1,600,000
Defined benefit obligation at Jan. 1, 2014............2,000,000
Interest or on the DBO/plan assets...........10%
Rebek follows IFRS.
Instructions
(a) Prepare a continuity schedule for 2014 for the defined benefit obligation.
(b) Prepare a continuity schedule for 2014 for the plan assets.
(c) Calculate pension expense for the year 2014.
(d) Prepare all pension journal entries recorded by Rebek in 2014.
(e) What pension amount will appear on Rebek's statement of financial position at December 31, 2014?
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