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P19.3 D'Eon Corporation reports the following January 1, 2020 balances for its defined benefit pension plan, which it accounts for under IFRS: plan assets, $460,000; defined benefit obligation, $460,000. Other data relating to three years of operation of

P19.3 D'Eon Corporation reports the following January 1, 2020 balances for its defined benefit pension plan, which it accounts for under IFRS: plan assets, $460,000; defined benefit obligation, $460,000. Other data relating to three years of operation of the plan are as follows:    2020    2021    2022 Annual service cost $36,800 $ 43,700 $ 59,800 Discount rate 10% 10% 10% Actual return on plan assets 39,100 50,370 55,200 Funding of current service cost 36,800 43,700 59,800 Funding of past service cost — 69,000 80,500 Benefits paid 32,200 37,720 48,300 Past service cost (plan amended, 1/1/21) 368,000 Change in actuarial assumptions establishes a  December 31, 2022 defined benefit obligation of 1,196,000 Instructions a. Prepare and complete a pension work sheet for 2020. b. Prepare a continuity schedule of the projected defined benefit obligation over the three-year period. c. Prepare a continuity schedule of the plan assets over the three-year period. d. Determine the pension expense for each of 2020, 2021, and 2022. e. Prepare the journal entries to reflect the pension plan transactions and events for each year. Round to the nearest dollar. f. Prepare a schedule reconciling the pension plan's surplus or deficit with the pension amounts reported on the SFP over the three-year period. g. Determine the pension expense for each of 2020, 2021, and 2022 assuming that the company applies ASPE. h. What information would a potential investor be most interested in relative to a company's pension plan?

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(a) IFRS - 2017 General Journal Entries Memo Record Remst Cash Net Defined DBO Plan Assets Pension Expense Gain/ Benefit LossRemst Pension Cash Net Defined DBO Plan Assets Gain/ Expense Benefit Loss (OCI) Liab/Asset Opening balance 6,900 Cr. 510,600Remst Pension Cash Net Defined DBO Plan Assets Gain/ Expense Benefit Loss (OCI) Liab/Asset Opening balance 343,390 Cr. 972,44(b) $460,000 36,800 Continuity of Defined Benefit Obligation - 2017 Defined benefit obligation, 1/1/17 Current service cost IPlan assets, 12/31/17 $503.700 Continuity of Fund Assets - 2018 $503,700 50,370 Plan assets, 1/1/18 Actual return on plan assCurrent service cost $ 59,800 Net interest/finance cost: 10% ($972,440 - $629,050) 34,339 $94.139 (e) Journal entries: 2017 3Cash. 140,300 (f) (510,600) 503.700 Reconciliation Schedule 2017 Defined benefit obligation Fair value of plan assets DefinedPension expense - 2018 Current service cost $ 43,700 Net interest/finance cost: 37,490 10% ($510,600 + $368,000 - $503,700) AASPE - 2017 General Journal Entries Memo Record Pension Cash Net Defined DBO Plan Assets Expense Benefit Liab/Asset Opening bASPE - 2018 General Journal Entries Memo Record Pension Expense Cash Net Defined DBO Plan Assets Benefit Liab/Asset Opening bASPE - 2019 General Journal Entries Memo Record Pension Cash Net Defined DBO Plan Assets Expense Benefit Liab/Asset Opening b(h) Potential investors would be most interested in seeing the components of pension expense so they can determine which comp


answered by: ANURANJAN SARSAM
Thanks you very much! All answers are correct : )
Mercy Tamonte
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P19.3 D'Eon Corporation reports the following January 1, 2020 balances for its defined benefit pension plan, which it accounts for under IFRS: plan assets, $460,000; defined benefit obligation, $460,000. Other data relating to three years of operation of
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