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The following information is available for Oriole Corporation's pension plan for the year 2020: Plan assets, January 1, 2020 $380,000 Actual return on plan assets
The following information is available for Oriole Corporation's pension plan for the year 2020: Plan assets, January 1, 2020 $380,000 Actual return on plan assets 17,000 Benefits paid to retirees 41,200 Contributions (funding) 93,600 Discount rate 10% Defined benefit obligation, January 1, 2020, accounting basis valuation 516,000 Service cost 66,700 Calculate pension expense for the year 2020, assuming that Oriole follows IFRS. Pension expense $ Provide the entries to recognize the pension expense and funding for the year. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit December 31, 2020 (To record pension expense and remeasurement loss.) December 31, 2020 (To record contributions to the pension fund.) Calculate pension expense for the year 2020, assuming that Oriole follows ASPE, and its accounting policy is to use an accounting basis valuation for its defined benefit obligation. $ Pension expense Provide the entries to recognize the pension expense and funding for the year. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit December 31, 2020 (To record pension expense.) December 31, 2020 (To record contributions to the pension fund.)
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