On January 1, 2021, Benefactor Corporation reported the following balances related to their defined benefit...
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On January 1, 2021, Benefactor Corporation reported the following balances related to their defined benefit pension plan: $ Fair value of plan assets Defined benefit obligation 1,447,964 1,477,514 Other data related to the pension plan for the 2021 year follows: $ Current service cost Contributions to the plan Benefits paid Actual return on plan assets Past service cost, granted December 31, 2021 Defined benefit obligation at December 31, 2021 Interest/discount rate on the defined benefit obligation and plan assets $ $ $ 73,876 177,302 163,118 72,398 118,201 1,581,416 7% Assume that Benefactor Corporation has a December 31 year end and follows IFRS. Required: 1. Prepare a pension worksheet for Benefactor Corporation for the year ended December 31, 2021. (9.5 marks) 2. Prepare the journal entries required by Benefactor Corporation for the pension plan in 2021. (2.5 marks) 3. Determine the funded status of the plan at December 31, 2021. (1 mark) 4. Prepare the necessary journal entries for the pension for 2021 if Benefactor Corporation follows ASPE instead of IFRS. A pension worksheet is not required. (2 marks)
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