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Prepare the pension work sheet for blossom corporation

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Reference no: EM132829138

At January 1, 2020, Blossom Corporation had plan assets of $258,000 and a defined benefit obligation of the same amount based on projected costs. During 2020, the current service cost was $28,050, the discount rate on the DBO and plan assets was 10%, actual return on plan assets was $31,850, contributions by Blossom were $20,550, benefits paid were $17,500, and the cost of past service benefits granted effective December 31, 2020, was $29,000.

Problem 1: Prepare the pension work sheet for Blossom Corporation for 2020 assuming that Blossom follows IFRS.

Reference no: EM132829138

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