a Question 5 (24 marks) The following information relates to a defined benefit pension plan: Defined benefit obligation, December 31, 2019 $70,000 Plan assets (fair value), December 31, 2019 $60,000 Past Service Cost 30,000 Current service costs 32,000 Contributions for 2020 on December 31, 2020 46,000 Pension benefits paid on December 31, 2020 22,000 Actual return on plan assets 9,000 Yield rate on long term corporate bonds Actuarial Revaluation, liability increased due to change 6,000 in mortality assumption 9% Required: Part A) - 12 marks Prepare journal entries to record the 2020 entries for: - the contributions to the plan, - service costs, - net interest cost, - actuarial revaluations, and cessibility: Investigate Part A) - 12 marks Prepare journal entries to record the 2020 entries for: - the contributions to the plan, - service costs, - net interest cost, - actuarial revaluations, and - retiree benefit payments. Show your calculations, where applicable, beneath each entry. (12 marks) Part B) - 3 marks Calculate the Net Defined Benefit Pension Liability as at December 31, 2019. Is the plan under or overfunded at the beginning of the current year? Explain your answer. (3 marks) Part C) - 9 marks Using the spreadsheet approach, calculate the following: 1) Plan Assets as at December 31, 2020 2) Defined Benefit Pension Liability as at December 31, 2020 3) Pension Expense for 2020 4) Net Defined Benefit Pension Liability as at December 31, 2020