Cullumber Corp

The following Information is available for Cullumber Corporation's pension plan for the year 2020: Plan assets. January 1 2020 $430.000 Actual return on plan assets 17,000 Benefits paid to retirees 40 200 Contributions (fundingl 94,30Q Discount rate 10%% Defined benefit obligation, January 1, 2020, accounting basis valuation 518,000 Service cost 65,400 - Your answer Is partially correct Calculate pension expense for the year 2020, assuming that Cullumber follows IFRS. Pension expense Provide the entries to recognize the pension expense and funding for the vear, (Credit account titles are automatically indented when the amount is entered. Do not indent manually) Date Account Titles and Explanation Debit Credit December 31, 2020 Remenurement Loss - DC Pension Expense Net Defined Bought Liability Asset [To record pension expense and remeasurement loss.] December 31, 2020 Net Defined Benefit LiabilityAsset Cash (To record contributions to the pension fund ) Calculate pension expense for the year 2020, assuming that Cullumber follows ASPE, and its accounting policy is to use an accounting basis valuation for its defined benefit obligation, Pension expense $ Provide the entries to recognize the pension expense and funding for the year. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit December 31, 2020 Pension Expense (To record pension expense December 31, 2020 Net Defined Benefit Liabilityhaigel (To record contributions to the pension fund.)