Question 3 (20 marks) LARFAGE is French industrial company specialising in three major products: cement, construction aggregates, and concrete. Lafarge Zambia operates 2 integrated cement plants (situated in Ndola and Lusaka) with a total production capacity of 1.4 million tonnes per annum. The 440 direct employees supported by several hundred more contracted employees. As the key enablers of its strategy and vision, its people are at the heart of everything the company does. The Lafarge Group aspires to build and sustain a Learning Organisation focused on achieving sustainable transfer of knowledge, skills, and behaviors. Further the company ensures that its employee's social security protection is done especially after, retirement. In line with this, LARFAGE introduced a defined benefit pension plan for its employees, on January 1, 2019. This pension is managed by ZSIC Life .ZSIC has provided the following selected data for the years 2019, 2020, and 2021. 2019 2021 2020 For the year ended December 31 Plan assets at fair valua 100,000 170,000 360,000 Defined benefit obligation 120,000 400,000 648,000 Employers funding contribution actual return on plan assets discount interest) service cost (net periodic pension expense) 100,000 10% 13% 120,000 10% 11% 210,000 10% 8% 120,000 170,000 238,000 Benefits paid 60,000 37,000 LARFAGE amended the pension plan on January 1, 2020, to grant employees past service benefits with a present value of K80, 000. At the end of the year 2020 Changes in actuarial assumptions establish the end-of-year defined benefit obligation at K650,000. Required a) For the 3 years 2019, 2020 and 2021 calculate the amount to be recognised as an expense, asset and liability relating to the pension fund and Prepare all the necessary journal entries for the years 2019, 2020, and 2021 (14 marks) 8/8