Happy Steel Corporation has provided the following information regarding their defined benefit pension plan for the year 2018:

In addition, Happy Steel follows IFRS.

Required:

1) Prepare a continuity schedule for 2018 for the defined benefit obligation.

2) Prepare a continuity schedule for 2018 for the plan assets.

3) Calculate pension expense for the year 2018.

4) Prepare all pension journal entries recorded by Tata Steel in 2018.

5) What pension amount will appear on Tata Steels statement of financial position atDecember 31, 2018?

Current service cost Contribution to the plan Past service cost, effective December 31, 2018 Actual return on plan assets Benefits paid Net defined benefit liability at January 1, 2018 Plan assets at January 1, 2018 Defined benefit obligation at January 1, 2018 Interest/discount rate on the DBO and plan assets $ 235,000 262,500 50,000 160,000 100,000 400,000 1,600,000 2,000,000 10%