Question 1:
Question 2 (not related to Q1):
Shamrock Corporation is a publicly traded company that follows IFRS. On December 31, 2019, Shamrock'financial records indicated the following information related to the company's defined benefit pension plan: Defined Benefit Obligation $3,745,000 Pension Plan Assets 3,745,000 On July 1, 2020, Shamrock acquired the operations of Trap Ltd. As one of the conditions of the purchase, Shamrock agreed that Trap's employees would be included in Shamrock's defined benefit pension plan, and would be granted credit for the past service of Trap's employees. The actuary estimated the value of the prior service amount granted on July 1, 2020 to be $209,000. Shamrockactuary provided the following information on December 31, 2020: Current year service cost Employer contributions for the year Benefits paid to retirees Actuarial increase in pension obligations Discount rate $907,000 964,000 330,000 49,000 6% 4% Actual return on assets Prepare a pension worksheet for Shamrock Corporation for the year ending December 31, 2020. Memo Record Remeasurement Gain/Loss OCI General Journal Entries Annual Pension Expense Net Defined Liability Asset Defined Benefit Obligation Cash Plan Assets Balance, January 1, 2020 Current Service Cost Past Service Cost Net Interest/Finance Cost Asset Remeasurement Gain/Loss Actuarial Gain/Loss Employer Contributions to Pension Fund Benefits Paid to Retirees from Pension Fund Pension Expense Entry-2020 Net Funding Entry Balance, December 31, 2020 Prepare the journal entry to record the pension expense for 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit (To record pension expense) (To record payment to the pension fund) What is the funded status on December 31, 2020? Shamrock pension plan is by$ on December 31, 2020. Tamarisk Inc. has a defined benefit plan for its employees. On December 31, 2019 the company's records showed the following information related to the plan: Pension plan assets Defined benefit obligation $300,500 390,800 All employees are expected to receive benefits under the plan. The company's actuary provided the following information as at December 31, 2020: Current year service cost Past service benefits, granted July 1, 2020 Expected return on assets Actual return on assets Discount rate on DBO Contributions for the year Benefits paid to retirees $47,300 80,600 12% 10% 12% 34,100 17,800 Calculate pension expense for Tamarisk Inc. for 2020, assuming ASPE is used. Pension expense, 2020 $ e Textbook and Media Calculate pension expense for Tamarisk Inc. for 2020, assuming IFRS is used. Pension expense, 2020 Shamrock Corporation is a publicly traded company that follows IFRS. On December 31, 2019, Shamrock'financial records indicated the following information related to the company's defined benefit pension plan: Defined Benefit Obligation $3,745,000 Pension Plan Assets 3,745,000 On July 1, 2020, Shamrock acquired the operations of Trap Ltd. As one of the conditions of the purchase, Shamrock agreed that Trap's employees would be included in Shamrock's defined benefit pension plan, and would be granted credit for the past service of Trap's employees. The actuary estimated the value of the prior service amount granted on July 1, 2020 to be $209,000. Shamrockactuary provided the following information on December 31, 2020: Current year service cost Employer contributions for the year Benefits paid to retirees Actuarial increase in pension obligations Discount rate $907,000 964,000 330,000 49,000 6% 4% Actual return on assets Prepare a pension worksheet for Shamrock Corporation for the year ending December 31, 2020. Memo Record Remeasurement Gain/Loss OCI General Journal Entries Annual Pension Expense Net Defined Liability Asset Defined Benefit Obligation Cash Plan Assets Balance, January 1, 2020 Current Service Cost Past Service Cost Net Interest/Finance Cost Asset Remeasurement Gain/Loss Actuarial Gain/Loss Employer Contributions to Pension Fund Benefits Paid to Retirees from Pension Fund Pension Expense Entry-2020 Net Funding Entry Balance, December 31, 2020 Prepare the journal entry to record the pension expense for 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit (To record pension expense) (To record payment to the pension fund) What is the funded status on December 31, 2020? Shamrock pension plan is by$ on December 31, 2020. Tamarisk Inc. has a defined benefit plan for its employees. On December 31, 2019 the company's records showed the following information related to the plan: Pension plan assets Defined benefit obligation $300,500 390,800 All employees are expected to receive benefits under the plan. The company's actuary provided the following information as at December 31, 2020: Current year service cost Past service benefits, granted July 1, 2020 Expected return on assets Actual return on assets Discount rate on DBO Contributions for the year Benefits paid to retirees $47,300 80,600 12% 10% 12% 34,100 17,800 Calculate pension expense for Tamarisk Inc. for 2020, assuming ASPE is used. Pension expense, 2020 $ e Textbook and Media Calculate pension expense for Tamarisk Inc. for 2020, assuming IFRS is used. Pension expense, 2020
