Question
Blossom Corporation provides the following information about its defined benefit pension plan (in hundreds of thousands of dollars) for 2020: Actual return on plan assets
Blossom Corporation provides the following information about its defined benefit pension plan (in hundreds of thousands of dollars) for 2020:
Actual return on plan assets | $5 | Current service cost | $20 | |||
---|---|---|---|---|---|---|
Contributions from employer | 20 | Opening balance, DBO | 100 | |||
Benefits paid to retirees | 10 | Opening balance, plan assets | 100 | |||
Actuarial loss due to change in actuarial assumptions | 15 |
At the end of the year, Blossom revised the terms of its pension plan, which resulted in past service costs of $35. Assuming that Blossom applies an 10% interest cost and follows IFRS, determine the companys 2020 pension expense and the effect of the pension plan on the companys shareholders equity. (Enter answer in hundreds of thousands of dollars.)
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