Question 1 (30 marks) Telford Corporation, a chain of tourism-based businesses, sponsors a defined benefit...
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Accounting
Question 1 (30 marks)
Telford Corporation, a chain of tourism-based businesses, sponsors a defined benefit pension plan for its employees. Telford follows IFRS. The plans trustee reports the following information for calendar Year 5:
Instructions
acct3211_assignment3_q1.png (72002665) (tru.ca)
Fill in the pension spreadsheet below.
Remeasurement gain/loss
Pension expense
Cash
Net defined benefit liab/asset
DBO
Plan assets
72,000 cr
312,000
240,000
Current service cost
Past service costs
Interest cost
Expected return
Remeasurement gain/loss
Contributions
Benefits paid
Provide the following figures:
Pension expense for Year 5
DBO ending balance
Plan assets ending balance
Net defined benefit liability/asset ending balance
Remeasurement gain/loss ending balance
Prepare the pension-related journal entries for Year 5.
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