Boom Enterprises has a defined benefit plan. The company indicated that plan assets were $690,000 and DBO was $790,000 as at January 1, 2020.

Other data related to two years of operations are as follows:

	2020	2021
Past service cost (plan amended 1/1/21		$842,000
Annual service cost	$58,000	$62,000
Discount rate and expected rate of return	9%	9%
Actual rate of return on plan assets	$55,200	$70,100
Contributions (funding)	$45,000	$169,050
Benefits Paid	$48,300	$56,580
Change in actuarial assumptions establishes a Dec. 31, 2021 DBO of		$2,175,000 (This is the required balance, you will need a remeasurement adjustment to get to this amount)

Round all numbers to the nearest dollars.

In order to facilitate understanding, I hope the teachers handwriting is neat

1. Assuming the company uses PE GAAP
   1. For each of 2020 and 2021 indicate the pension expense, accrued benefit obligation, plan assets and balance in accrued pension asset/liability (pension account). Please label the presentation with ASPE and the year.
   2. Answer the following questions:
      1. What is the amount of the funded status of the plan for each year? Indicate if it is overfunded or underfunded.
      2. What amount will appear on the Balance Sheet at each year end? Indicate if it is an asset or liability.
   3. Prepare journal entries to record pension expense and the companys funding of the pension plan for each year.

2. Assuming the company uses IFRS
   1. For each of 2020 and 2021 indicate the pension expense, defined benefit obligation, plan assets and balance in accrued pension asset/liability (pension account). Please label the presentation with IFRS and the year.
   2. Answer the following questions:
      1. What is the amount of the funded status of the plan for each year? Indicate if it is overfunded or underfunded.
      2. What amount will appear on the Balance Sheet at each year end? Indicate if it is an asset or liability.
   3. Prepare journal entries to record pension expense and the companys funding of the pension plan for each year.