Scallion Company received the following reports on its defined benefit pension plan for the current calendar year 2019:

DBO PLAN ASSETS

Balance Jan 1 $400,000 Balance Jan 1 $250,000

Service Cost 195,000 Actual return 30,000

Interest cost 40,000 Annual contribution 110,000

Benefits paid (80,000) Benefits paid (80,000)

Balance Dec 31 $ 555,000 Balance, Dec 31 310,000

The long-term expected rate of return on plan assets is 10%.

1-

Assuming no other data are relevant, what is the pension expense per IFRS for the year?

a.

$197,000.

b.

$227,000

c.

$172,000.

d.

$210,000.

e.

$217,000.

2-

Determine the balance reported by Scallion on its balance sheet as at December 31, 2019 for the Net Benefits Asset/Liability account.

a.

$150,000.

b.

$242,000

c.

$157,000.

d.

$232,000.

e.

$245,000.

3-

The Pension Expense in a pension plan for the year were recorded at $856,800. In addition, an amount of $161,400 had been debited to the Other Comprehensive Income account to record all actuarial losses for the year. In addition, the company had contributed a cash amount of $350,000 to the Plan Assets. What would have been the amount recorded as Pension expenses for 2019 if the company were reporting under ASPE?

a.

$$856,800.

b.

$$757,200.

c.

$161,400.

d.

$350,000.

e.

None of the above.