Jennings Inc. reports the following January 1, 2019 balances for its defined benefit pension plan:

Plan assets: $360,000

Defined benefit obligation: $360,000.

Other data relating to three years of operation of the plan are as follows:

	2019	2020	2021
Annual service cost	$32,000	$33,000	$45,000
Discount rate	10%	10%	10%
Actual return on plan assets	39,100	40,370	45,200
Funding	36,800	103,700	59,300
Benefits paid	32,200	37,720	48,300
Past service cost (plan amended, 1/1/2020)		68,000
Change in actuarial assumptions establishes a December 31, 2020 defined benefit obligation of			696,000*

* Note, you need to work backward to determine the actuarial gains or losses.

Required:

Required:

1. Prepare and complete a pension work sheet for 2021, 2020, and 2021, assuming that Jennings reports under IFRS.
2. Prepare a continuity schedule of the defined benefit obligation for 2021.
3. Prepare a continuity schedule of the plan assets for 2021.
4. Determine the pension expense for 2021.
5. Prepare the journal entries to reflect the pension plan transactions and events for 2021.
6. Prepare a schedule reconciling the pension plan's surplus or deficit with the pension amounts reported on the statement of financial position over the three-year period.
7. Had Jennings reported under ASPE, how would its pension accounting have been different? Show your computation and explain. (Hint: how would the pension expense for 2021 have been different?)
8. How has the risk of Jennings employees pension benefits changed from 2019 to 2021? Explain.

Can be done on excel or word document.