Opsco Corp. provides the following information about its post-retirement health care benefit plan for the year 2017:

Instructions
(a) Assuming Opsco follows IFRS, calculate the post-retirement benefit expense for 2017, and prepare all required journal entries related to the post-retirement benefit plan that were made by the company in 2017.
(b) Assuming Opsco follows ASPE, calculate the post-retirement benefit expense for 2017, and prepare all required journal entries related to the post-retirement benefit plan that were made by the company in 2017.

Transcribed Image Text:

Current service cost Contribution to the plan Actual return on plan assets Benefits paid Plan assets at January 1, 2017 Defined post-retirement benefit obligation at January 1, 2017 Discount rate $ 202,500 47,250 141,750 90,000 1,597,500 1,822,500 9%