Huntley Corp. provides the following information about its pension plan for the year 2021:

2021

Fair value of plan assets, first of year $134,100

Defined benefit obligation (DBO) (assumed

To equal the ABO for funding purposes under ASPE), first of year 212,700

Current service cost for year 13,000

Interest or discount rate on the DBO/plan assets 10%

Actual earnings on plan assets for year 12,000

Employer contributions for year (funding), September 31, 2021 24,000

Benefits paid to retirees by trustee for year 10,500

Actuarial loss due to change in actuarial assumptions 28,530

Plan assets, end of year 159,600

DBO, end of year 265,000

Funded status, end of year over- or (under)- funded (105,400)

Instructions

1. Prepare a pension worksheet and general journal entries under IFRS for 2021. (7 points)
2. Prepare a pension worksheet and general journal entries under ASPE (the Immediate Recognition approach) for 2021. (7 points)