You are the auditor of Crane Inc., the Canadian subsidiary of a public multinational engineering company that offers a defined benefit pension plan to its eligible employees. Employees are permitted to join the plan after two years of employment, and benefits vest immediately. You have received the following information from the fund trustee for the year ended December 31, 2020: Discount rate 5% Rate of compensation increase 4% Defined Benefit Obligation $11,559,760 Defined benefit obligation at January 1, 2020 Current service cost 389,230 Interest cost 577,988 Benefits paid 809,314 Actuarial loss, end of period 669,312 Plan Assets Fair value of plan assets at January 1, 2020 8,885,040 Actual return on plan assets, net of expenses 1,182,280 Employer contributions 513,216 Employee contributions 75,319 Benefits paid 809,314 Other relevant information: 1. The net defined benefit liability on January 1, 2020, is $2,674,720. Employee contributions to the plan are withheld as payroll deductions, and are remitted to the pension trustee along with the employer contributions. 2. Prepare a pension work sheet for the company. Assume IFRS is followed. General Remeasurement (Gain) Loss (OCI) Annual Pension Expense Items $ $ Balance, Jan. 1, 2020 (a) Service cost (b) Net interest/finance cost (c) Asset remeasurement gain (d) Actuarial loss, liability (e) Employee contributions (f) Benefits paid (g) Employer payment into fund Expense entry, 12/31/20 $ $ Net funding entry jeneral Journal Entries Net Def. Ben. Liability Asset C E Cash O! $ $ $ . Dr. Cr. $ $ $ Memo Record Net Def. Ben. Liability/ Asset Defined Benefit Obligation Plan Assets $ $ Dr. Cr. $ $