The following information is available for Antoine Corporation’s pension plan for the 2023 fiscal year:

Defined benefit obligation, 1/1/23, accounting basis, beforeOn January 1, 2023, Antoine amended its pension plan, resulting in past service costs with a present value of $140,400. Antoine follows ASPE.

Instructions

a. Calculate defined benefit expense for 2023 and prepare journal entries to record the expense and funding for the year.

b. Determine the balance of the net defined benefit liability/asset reported on the December 31, 2023 balance sheet.

c. Prepare a 2023 pension work sheet for Antoine.

d. Identify the December 31, 2023 plan surplus or deficit and compare it with the asset or liability reported on the December 31, 2023 balance sheet.

e. Explain the result of your comparison in part (d).

f. Identify what would change if Antoine applied IFRS instead of ASPE.

g. Create a waterfall chart in Excel outlining the changes to the defined benefit obligation throughout the fiscal year.

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plan amendment Fair value of plan assets, 1/1/23 Current service cost Discount rate Actual return on plan assets Contributions (funding) Benefits paid to retirees $255,000 297,000 63,000 10% 8% 79,200 43,200