Summit Corporation, a chain of tourism-based businesses, sponsors a defined benefit pension plan for its employees. Summit follows IFRS. The plan’s trustee reports the following information for calendar 2020

Instructions

1. Fill in the pension spreadsheet below.

2. 
   

3. Provide the following figures:

   Pension expense for 2020

   DBO ending balance

   Plan assets ending balance

   Net defined benefit liability/asset ending balance

   Remeasurement gain/loss ending balance

4. Prepare the pension-related journal entries for 2020.

Defined benefit obligation, Jan. 1. $260,000 Fair value of plan assets, Jan. 1 200,000 Current service cost.. 40,000 Actual return on plan assets. 15,000 Contributions (made at end of the year) 30,000 Benefits paid to retirees.. 60,000 Interest (discount) rate 6% Past service costs (as of Jan. 1). 4,000