The following data relate to Omega Companys pension plan for the year 2020:

Actual return on plan assets $ 70,000

Benefits paid 45,000

Contributions to plan 87,000

Fair value of plan assets at January 1, 2020 600,000

Cost of past service benefits granted effective December 31, 2020 34,000

Defined benefit obligation at January 1, 2020 627,000

Current service cost 82,000

Actuarial loss 39,000

Interest (discount) rate 8%

Instructions:

(a) Prepare a pension work sheet for 2020 based on the IFRS approach.

(b) Show the journal entries for pension expense and contribution for 2020.

The following data relate to Omega Company's pension plan for the year 2020: Actual return on plan assets $ 70,000 Benefits paid 45,000 Contributions to plan 87,000 Fair value of plan assets at January 1, 2020 600,000 Cost of past service benefits granted effective December 31, 2020 34,000 Defined benefit obligation at January 1, 2020 627,000 Current service cost 82,000 Actuarial loss 39,000 Interest (discount) rate 896 Instructions: (a) Prepare a pension work sheet for 2020 based on the IFRS approach. (b) Show the journal entries for pension expense and contribution for 2020. General Journal Entries emo Record (Pension Fun Items Annual pension Expense Remeasurement Gain/Loss (OCI) Cash Net Defined benefit Liability/As set Defined Benefit Obligations Plan Assets Opening Balances Current Service Cost Past Service Cost Interest Costs Expected vs. Actual Return on Plan Assets Contribution Benefits Paid Out Acturial (Gain) or Loss Expense Entry Contribution Entry Balance Journal Entries Pension Expense Remeasurement (Gain) / Loss Net Defined Benefit Liab/Asset Net Defined Benefit LiablAsset Cash