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Calculate pension expense for metlock inc

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Question - Metlock Inc. has a defined benefit plan for its employees. On December 31, 2019 the company's records showed the following information related to the plan:

Pension plan assets $839,000

Defined benefit obligation 927,000

All employees are expected to receive benefits under the plan. The company's actuary provided the following information as at December 31, 2020:

Current year service cost $175,000

Past service benefits, granted July 1, 2020 29,000

Discount rate 5%

Actual return on assets 6%

Contributions for the year 265,000

Benefits paid to retirees 128,000

Calculate pension expense for Metlock Inc. for 2020, assuming ASPE is used.

Calculate pension expense for Metlock Inc. for 2020, assuming IFRS is used.

Reference no: EM133081390

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