15 points Question 2 Artic Corp provides a defined benefit pension plan for its employees. The following information is available for the year Plan assets, Jan 1 Pension obligation, Jan 1 Past serice cost due to plan changes Current service cost Benefits paid Contributions/funding 300,000 400,000 50,000 80,000 90,000 150,000 1096 27,000 Interest and expected return rate Actual return on plan assets Instructions: a) Complete the pension worksheet under IFRS b) Prepare the pension journal entries c) Calculate the funded status at Dec 31 Remeasurement Pension Gain/Loss OCI Expense Items Beginning balances a) Current service cost b) Past service cost c) Interest Cost d) Return on plan assets e) Contribution/Funding Benefits paid ension expense entry unding entry ding balances 15 points Question 2 Artic Corp provides a defined benefit pension plan for its employees. The following information is available for the year Plan assets, Jan 1 Pension obligation, Jan 1 Past serice cost due to plan changes Current service cost Benefits paid Contributions/funding 300,000 400,000 50,000 80,000 90,000 150,000 1096 27,000 Interest and expected return rate Actual return on plan assets Instructions: a) Complete the pension worksheet under IFRS b) Prepare the pension journal entries c) Calculate the funded status at Dec 31 Remeasurement Pension Gain/Loss OCI Expense Items Beginning balances a) Current service cost b) Past service cost c) Interest Cost d) Return on plan assets e) Contribution/Funding Benefits paid ension expense entry unding entry ding balances