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Pronghorn Corporation is a publicly traded company that follows IFRS. On December 31, 2019, Pronghorn financial records indicated the following information related to the companys

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

Defined Benefit Obligation $3,752,000
Pension Plan Assets 3,752,000

On July 1, 2020, Pronghorn acquired the operations of Trap Ltd. As one of the conditions of the purchase, Pronghorn agreed that Traps employees would be included in Pronghorns defined benefit pension plan, and would be granted credit for the past service of Traps employees. The actuary estimated the value of the prior service amount granted on July 1, 2020 to be $194,000. Pronghorn actuary provided the following information on December 31, 2020:

Current year service cost $885,000
Employer contributions for the year 931,000
Benefits paid to retirees 318,000
Actuarial increase in pension obligations 49,000
Discount rate 6%
Actual return on assets 4%

Prepare a pension worksheet for Pronghorn Corporation for the year ending December 31, 2020.

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