Reference no: EM132595011

Scout Corp. provides its employees with a defined benefit pension plan. Scout uses IFRS. The balances as at January 1, 20X6, were as follows:

Present value pension obligation                 $8,000,000

Plan assets                                            $6,800,000

Other information pertaining to the pension plan during 20X6 is as follows:

Discount rate used in actuarial assumptions          5%

Current service cost for the year                   $570,000

Actuarial loss due to a change in assumptions used $15,000

Actual return on plan assets                         $360,000

Unexpected gain on plan assets                       $20,000

Remitted to pension trustee - end of year          $730,000

Payments to retirees - end of year                     $680,000

Question 1: What is the net amount that will be charged to pension expense for Scout's 20X6 fiscal year end?