on Completion Status: Moving to another question will save this response. stion 4 Presented below is information related to the defined benefit pension plan of XYZ Ltd. for the year 2020. The corporation uses IFRS. Defined benefit obligation, Jan 1....................... $ 370,000 Fair value of plan assets, Jan 1.. 370,000 Current service cost. 300,000 Interest (discount) rate.. 10% Expected & actual return on plan assets. 9% Past service cost (as of July 1)....... 25,000 Actuarial loss....... 14,900 Contributions to plan.......... 290,000 Remeasurement loss on plan assets. 11,500 250,000 Payments to retirees...... Instructions a) Calculate the pension expense to be reported on the income statement for 2020. b) Calculate the amount to be shown as OCI for 2020. c) Calculate the fair value of the plan assets at December 31, 2020. d) Prepare the journal entries to reflect the accounting for the company's pension plan for the year ending December 31, 2020. General Journal Entries Memo Record Remeasurement (gain) Loss OCI Annual Pension Expense Net Defined Defined Benefit Liability/Asset Benefit Obligation Cash Plan Assets Items