- 112 III Current Attemptin Progress Novak Corporation is a publicly traded company that follows IFRS. On December 31, 2019, Novak financial records indicated the following information related to the company's defined benefit pension plan: Defined Benefit Obligation $3,716,000 Pension Plan Assets 3,716,000 On July 1, 2020, Novak acquired the operations of Trap Ltd. As one of the conditions of the purchase, Novak agreed that Trap's employees would be included in Novak's defined benefit pension plan, and would be granted credit for the past service of Trap's employees. The actuary estimated the value of the prior service amount granted on July 1, 2020 to be $195,000. Novak' actuary provided the following information on December 31, 2020: Current year service cost Employer contributions for the year Benefits paid to retirees Actuarial increase in pension obligations Discount rate Actual return on assets $891,000 904.000 331,000 51.000 6% 4% NWP Assessment Pearl Corporation .. Desktop O o search 35 Prepare a pension worksheet for Novak Corporation for the year ending December 31, 2020. Remeasurement Gain/Loss OCI General Journal Annual Pension Expense 891000 Dr. > Balance, January 1, 2020 Current Service Cost Past Service Cost Net Interest/Finance Cost Asset Remeasurement Gain/Loss Actuarial Gain/Loss Employer Contributions to Pension Fund > Benefits Paid to Retirees from Pension Fund > Pension Expense Entry - 2020 > Net Funding Entry Memo Record Net Defined Liability/ Asset Defined Benefit Obligation Plan Assets > > Cr > Question 41 of 46 -/12 Prepare the journal entry to record the pension expense for 2020. (Credit account titles are automatically indented when the amount is entered. Do not Indent manually. If no entry is required, select "No entry for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit (To record pension expense) (To record payment to the pension fund) Question Part Score --/4 Question Part Score What is the funded status on December 31, 2020? Novak pension plan is w by$ on December 31, 2020, Question Part Score Save for Later Attempts: 0 of 1 used Submit A