Hi-Flie-Ing Corporation offers a defined benefit pension plan to all its eligible employees. The company uses the December 31 year end and uses IFRS to prepare its financial statements. It has reported a credit balance of $1,380,000 as at December 31, 2018 for its Net Defined Benefit Liability/Asset Account. The plan is underfunded by 20% of its Defined Benefit Obligation. The company also recorded, during 2019, $200,000 as Past Service Costs which were assumed to have accrued on January 1, 2019. [54] The company determines its interest expenses and benefits on the balance existing at the beginning of the year. You are told that the company recorded $386,400 as the expected returns on Plan Assets for the year. $546,000 were recorded as current services costs during 2019. What would be the interest expense on the Defined Benefit Obligation for 2019? O a. $497,000 Ob S96.000. OC S483,000. O d. $200,000 Oe. Cannot be determined with the given information, [55] Given the actual rate of return on Plan Assets to be 6.25% and the expected returns on Plan Assets amounting to $386,400, what would be the OCl impact from gain or loss on Plan Assets? a. $53,250 CR O b. $53,250 DR C. $41,400 CR Od $41,400 DR. e. Cannot be determined with the given information. [56] Each year, the company makes a contribution to the plan at the end of the year. For 2019, this contribution amounted to 30% of the deficit in funding reported at the end of 2018. The entry reflected in the employer's books of accounts should show O a DEBIT-Accrued Pension Asset/Liability [$414,000): CREDIT-Cash [5414,000). Ob DEBIT-Accrued Pension Asset Liability 474,000): CREDIT-Cash [$474,000). OC. DEBIT-Pension Expenses (5414,000): CREDIT-Cash (5414,000). Od. DEBIT-Pension Expenses [S474,000); CREDIT-Cash [5474,000). O. DEBIT-Contribution Surplus [$414.000): CREDIT-Cash [S414,000) [57] On December 31, 2019, Tyree Corporation received the DBO report from the actuary. The following information was included in the report: ending DBO, $1,100,000; benefits paid to retirees, $100,000; interest cost accrued on the beginning DBO, $80,000. The discount rate applied by the actuary was 8%. There was no actuarial revaluation required nor any past service cost. What was the service cost for the year? a. $20,000. O b. $920,000 O c. $180,000. O d. $120,000. e. None of the above