ASAp

Goodday Ltd. has a defined benefit pension plan and a December 31 year-end. The following information relates to the plan: Balances: Defined benefit obligation, end of 20x7 $5,285,000 Pension plan assets, fair value, end of 20x7 4.670,000 SFP net defined benefit liability, end of 20x7 615,000 cr. SFP accumulated OCI, pension, end of 20x7 72,000 dr. Retained earnings, end of 20x7 8,643,400 cr. 20x8 earnings, prior to any pension expense 4,228.000 ch Current service cost for 20x8, measured using the projected unit credit method 630,300 New past service cost granted in 20x8, negative because benefits were reduced and the liability has declined ((379,000) Contributions made to the pension plan assets paid at end of 20x8 433,000 Actuarial gain in 20x8, negative because caused by higher anticipated future mortality rates and the ability has declined (102,500) Actual earnings in the fund, reported by the pension fund trustee, including interest, dividends, and change in fair value 151,800 Benefits paid to pensioners from Pension fund assets paid at end of 20x8 54,300 Interest rate on long-term corporate bonds, end of 20x8 5X Required: 1. Calculate service cost and payment to the pension fund trustee. 630,300 ((379,000) 433,000 Current service cost for 20x8, measured using the projected unit credit method New past service cost granted in 20x8, negative because benefits were reduced and the liability has declined Contributions made to the pension plan assets paid at end of 20x8 Actuarial gain in 20x8, negative because caused by higher anticipated future mortality rates and the liability has declined Actual earnings in the fund, reported by the pension fund trustee, including interest, dividends, and change in fair value Benefits paid to pensioners from Pension fund assets paid at end of 20x8 Interest rate on long-term corporate bonds, end of 20x8 (102,500) 151,800 84,300 5% Required: 1. Calculate service cost and payment to the pension fund trustee. Service cost Payment to the pension fund trustee 2 Prepare the entry to record service cost and record the payment to the pension fund trustee (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the service cost Note: Enter debits before credits Transaction General Journal Debit Credit 1