AutoSave Off A1 Question 2 of 6 ( 10 marks) D E G H M N O P R The following data relates to Leonard Inc's pension plan for the year: NOUL w 9 6 7 Defined benefit obligation at January 1 - $627,000 8 Fair value of plan assets at January 1 - $600,000 Current service cost - $82,000 10 Cost of past service benefits granted effective December 31 - $34,000 11 Actual return on plan assets - $70,000 12 Contributions to plan - $87,000 13 14 Benefits paid - $45,000 Actuarial loss - $39,000 Interest (discount) rate - 8% 17 18 Required: 19 20 (a) Prepare a pension work sheet based on the IFRS approach. 21 (b) Record all required journal entries. 15 16 22 23 General Journal Entries Memo Record (Pension Fund) Items Annual pension Expense Remeasurement Gain/Loss (OCI) Cash Net Defined benefit Liability/Asset Defined Benefit Obligations Plan Assets 24 25 Opening Balances seCurrent Service Cast Summary Q1 - Taxes Q2 - Pensions Q3 - Leases Q4 - Cash Flow Q5 - CFI (Bonds) Q6 - EP: ... Ready A1 fc Question 2 of 6 ( 10 marks) A D H M N o P Q R 23 General Journal Entries Memo Record (Pension Fund) Items Annual pension Expense Remeasurement Gain/Loss (OCI) Cash Net Defined benefit Liability/Asset Defined Benefit Obligations Plan Assets 24 25 Opening Balances 26 Current Service Cost 27 Past Service Cost 28 Interest Costs (Expected) 29 Expected vs. Actual Return on Plan Assets 30 Contribution 31 Benefits Paid Out 32 Acturial (Gain) or Loss 33 Expense Entry 34 Contribution Entry 35 Balance 36 37 b) Journal Entries 38 39 40 41 Summary Q1 - Taxes Q2 - Pensions Q3 - Leases Q4 - Cash Flow Q5 - CFI (Bonds) Q6 - EP: ... 1 u Ready ! 650%