Actuary and trustee reports provided the following details regarding the pension plan of Lakeland Internet Company...

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Actuary and trustee reports provided the following details regarding the pension plan of Lakeland Internet Company during 2020: Prior Service Cost at January 1 32,000 Amortization of Prior Service Cost per year 4,000 Plan assets at fair value, January 1 200,000 Expected return on plan assets Actual return on plan assets 10% 7.5% PBO on January 1 300,000 Net loss on pensions at January 1 Gain on PBO during the year 40,000 2,000 Amortization of Net loss 1,000 Pension benefits paid 20,000 Service Cost 48,000 Settlement rate is 8% 1. Determine Lakeland's pension expense for 2020 Pension Expense You may prepare a pension spreadsheet if you so choose (not required but it may be of help to you in answering the questions). You may email me the spreadsheet if there is something I need to see there but it is not required. 2. Prepare the appropriate journal entry(ies) for Lakeland Company. Use D for Debit and C for Credit and then the account name. As an example: D Cash; CA/R Actuary and trustee reports provided the following details regarding the pension plan of Lakeland Internet Company during 2020: Prior Service Cost at January 1 32,000 Amortization of Prior Service Cost per year 4,000 Plan assets at fair value, January 1 200,000 Expected return on plan assets Actual return on plan assets 10% 7.5% PBO on January 1 300,000 Net loss on pensions at January 1 Gain on PBO during the year 40,000 2,000 Amortization of Net loss 1,000 Pension benefits paid 20,000 Service Cost 48,000 Settlement rate is 8% 1. Determine Lakeland's pension expense for 2020 Pension Expense You may prepare a pension spreadsheet if you so choose (not required but it may be of help to you in answering the questions). You may email me the spreadsheet if there is something I need to see there but it is not required. 2. Prepare the appropriate journal entry(ies) for Lakeland Company. Use D for Debit and C for Credit and then the account name. As an example: D Cash; CA/R

Answer rating: 100% (QA)

Solution IFRS Year 2020 1 Pension Expense 5700000 2 Journal entry Account title Explanation 2020 Deb... View the full answer