Sunland Corp. provides a defined contribution pension plan for its employees. The plan requires Sunland...
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Sunland Corp. provides a defined contribution pension plan for its employees. The plan requires Sunland to contribute 5% of employees' gross pay to a fund trustee each year. Sunland's total payroll for 2020 was $2,805,000. At the start of 2020, Sunland revised the terms of the plan, which resulted in past service costs of $938,900. Sunland expects to realize the economic benefits from the plan change for at least five years, beginning in 2020. (a) Calculate Sunland's pension expense for 2020 assuming that the company follows IFRS. (Round answer to O decimal places, eg. 5,275.) Pension expense $ At December 31, 2020, Crane Corporation provided you with the following information: $3,420,000 Defined benefit obligation, December 31, 2020 Plan assets at fair value, December 31, 2020 Past service cost from plan amendment on December 31, 2020 2,435,000 1,005,500 Determine the account and its balance that should be reported on Crane Corporation's December 31, 2020 balance sheet if it applies ASPE Net defined benefit How should the $1,005,500 be reported? The $1.005.500
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