Question 1 (30 marks)

Telford Corporation, a chain of tourism-based businesses, sponsors a defined benefit pension plan for its employees. Telford follows IFRS. The plans trustee reports the following information for calendar Year 5:

Instructions

acct3211_assignment3_q1.png (72002665) (tru.ca)

1. Fill in the pension spreadsheet below.

	Remeasurement gain/loss	Pension expense	Cash	Net defined benefit liab/asset	DBO	Plan assets
				72,000 cr	312,000	240,000
Current service cost
Past service costs
Interest cost
Expected return
Remeasurement gain/loss
Contributions
Benefits paid

2. Provide the following figures:

   Pension expense for Year 5

   DBO ending balance

   Plan assets ending balance

   Net defined benefit liability/asset ending balance

   Remeasurement gain/loss ending balance

3. Prepare the pension-related journal entries for Year 5.