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LO #13 - Question 3 - Defined Benefit Pension Plan (15 Marks) Skywalker Inc. is a publicly traded company that follows IFRS. On November 30,

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LO #13 - Question 3 - Defined Benefit Pension Plan (15 Marks) Skywalker Inc. is a publicly traded company that follows IFRS. On November 30, 2019, Skywalker's accounting records included the following information: Defined benefit obligation $ 1,407,008 Pension plan assets S 1,529,357 Skywalker's actuary provided the following information about its defined benefit pension plan for the year ended November 30, 2020: Current year service cost 84,420 Prior service cost, granted December 1, 2019 168,841 Employer contributions for the year 91, 761 Benefits paid to retirees 28,140 Expected return on assets 6% Actual return on assets 7% Discount rate 6% Defined benefit obligation at November 30, 2020 $ 1,716,522 Required: a) Prepare a pension worksheet for Skywalker's pension plan for the year ended November 30, 2020. b) Prepare the journal entries required by Skywalker for the pension plan in 2020. c) Determine the funded status of the plan. d) Prepare the necessary journal entries for the pension for 2020 if Skywalker followed ASPE instead. A pension worksheet is not required

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