Question 1 (25 points) Employee Pension Plans

Some companies have both defined benefit and defined contribution pension plans for their employees. Explain in your own words the difference between these two types of plans. How are each type of plan typically reported on a companys income statement and balance sheet?

How were Saputos defined benefit pension plans reported in the Income Statement and the Balance Sheet of 2021? You may need to read several of the footnotes carefully. Are the pension plans fully funded? How do you know? Explain. (Be sure to indicate the amounts and where the defined benefit plans were included in the statements)

How were Saputos defined contribution pension plans reported in the Income Statement and the Balance Sheet of 2021? (Be sure to indicate the amounts and where the defined contribution plans were included in the statements)