Please help me answer the following question:

QUESTION 12

Kingbird Corporation is a publicly owned company that follows IFRS. On December 31, 2019, Kingbirds financial records indicated the following information related to the companys defined benefit pension plan:

Defined Benefit Obligation = $7,514,600

Pension Plan Assets = 7,322,000

On January 1, 2020, Kingbird acquired the operations of AMX Ltd. As one of the conditions of the purchase, Kingbird agreed that AMXs employees would be included in Kingbirds defined benefit pension plan, and would be granted credit for the past service of AMXs employees. The actuary estimated the value of the prior service amount granted on January 1, 2020 to be $312,500

Kingbirds actuary provided the following information on December 31, 2020:

Current year service cost = $376,200

Employer contributions for the year = 443,300

Benefits paid to retirees= 183,900

Actuarial increase in pension obligations= 112,900

Expected return on assets = 6%

Actual return on assets = 5%

Discount rate = 6%

Instructions

a. Prepare a pension worksheet for Kingbird Corporation for the year ending December 31, 2020. (5 Marks)

b. Prepare the journal entry to record the pension expense for 2020. (5 Marks)

c. What is Kingbirds funded status at December 31, 2020? (1 Mark)