You are the accountant for Spring Ltd. You have gathered the following information about its pension plan for the year ended December 31, 2020: 1. Service cost during the year is $300,000. 2. The expected return on plan assets is 9%. 3. The company contributed $650,000 to the plan in the year. 4. The actual return on plan assets is $250,000. 5. The defined benefit obligation at January 1, 2020 was $3,000,000. 6. The fair value of the plan assets at January 1, 2020 was $1,650,000. 7. The company accrued pension costs for past services in the amount of $150,000 at December 31, 2020. 8. Spring uses IFRS. Required a) Prepare a pension worksheet for 2020 (see next page for worksheet). Financial Statement Entries Annual Pension Memo Record Net Defined Benefit Asset / (Liability) Items Re-measurement (Gain) Loss (OCI) Cash Defined Benefit Plan Assets Expense Obligation Beg Balance January 1, 2020 Expense Entry Contribution Entry Ending Balance