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Determine the pension expense to be reported

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Q1. Presented below is pension information related to Tyre Recycling Inc., for the calendar year 2019. The corporation uses ASPE.

Current service costs $50,000

Contributions to the plan 55,000

Actual return on plan assets 40,000

Defined benefit obligation (beginning of year) 600,000

Fair value of plan assets (beginning of year) 400,000

Interest cost on the obligation 10%

Required - Determine the pension expense to be reported for 2019?

Q2. Presented below is information related to Rip-Off Fuels Inc. for calendar year 2019. The corporation uses IFRS.

Defined benefit obligation, Jan 1 $720,000

Fair value of plan assets, Jan 1 700,000

Current service cost 90,000

Contributions to plan 125,000

Actual and expected return on plan assets 56,000

Past service costs (effective Jan 1) 10,000

Benefits paid to retirees 96,000

Interest (discount) rate 9%

Required - What the balance of the defined benefit obligation at December 31, 2019?

Reference no: EM133169354

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