Question 1 (16 points) (16 MARKS = 22 minutes) Lane Corporation is a publicly owned company that follows IFRS. On December 31 2020, Lane's financial records indicated the following information related to the company's defined benefit pension plan: Defined Benefit Obligation $1,920,000 Pension Plan Assets 1.450,000 On January 1. 2021. Lane acquired the operations of Solution Ltd. As one of the conditions of the purchase, Lane agreed that Solution's employees would be included in Lane's defined benefit pension plan, and would be granted credit for the past service of Solution's employees. The actuary estimated the value of the prior serne amount granted on January 1, 2021 to be $400,000. Lane's actuary provided the following information for the vear ended December 31 2021 Current year service cost 3922002 Employer contributions for the year 200.000 2000 Benefits paid to retirees Actuarial increase in pension obligations od on high quality corporate deor Lane's actuary provided the following information for the year ended December 31 2021 Current year service cost Employer contributions for the year Benefits paid to retirees $900.000 600.000 400009 30000 Actuarial increase in pension obligations Yield on high quality corporate debt Lane Corporation's incremental borrowing rate The trustee of the pension plan reported the fair value of the plan assets at December 31, 2021 amounted to $800.000. Required: a. Calculate the pension expense for 2021. b. Calculate the net finance charge/income for 2027 C. Calculate the re-measurement adjustment for 202 d. Calculate the funded status at December 31, 2021 e Provide the related journal entries for the penso expenses charge income, re-measurement and funding of 2 Assume instead that are follows ASPEesto RS accounting for this simply does dulgin. Aftemot Page 1: The trustee of the pension plan reported the fair value of the plan assets at December 31, 2021 amounted to $800,000. 1 Required: age 2: a. Calculate the pension expense for 2021. b. Calculate the net finance charge/income for 2021 C. Calculate the re-measurement adjustment for 2021 a Calculate the funded status at December 31, 2021 e. Provide the related journal entries for the pension expense tinanze charge/income, re-measurement and funding of Line's Pension is to 2021 f. Assume instead that Lane follows ASPE instead of IFRS1. Des ribe now the accounting for this pension plan would differ 3: B TV - Paragraph o