Presented below is information related to the defined benefit pension plan of Grande Prairie Ltd. for the year 2020. The corporation uses IFRS.

Defined benefit obligation, Jan 1.................................. $ 375,000

Fair value of plan assets, Jan 1...................................... 350,000

Current service cost....................................................... 300,000

Interest (discount) rate.................................................. 10%

Expected return on plan assets...................................... 10%

Actual return on plan assets . 32,500

Past service cost ........................................................... 25,000

Actuarial loss on DBO.................................................. 14,900

Contributions to plan..................................................... 290,000

Payments to retirees...................................................... 250,000

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 on December 31, 2020.

d) Calculate the balance of the defined benefits obligation of the pension plan on December 31, 2020.

e) Briefly comment on the changes of the surplus or deficits of Grande Prairie in the year of 2020.