Centurion Manufacturing Ltd. has a defined benefit pension plan that covers its production employees. On September 1, 2010, Centurion initiated this plan and immediately contributed $12 million toward covering the costs of the plan because the plan provided for retroactive benefits which the actuary valued at $12 million.

You have the following information with respect to the plan as at August 31, 2020 (10 years after plan initiation).

Plan assets at market value $ 29 million

Accrued benefit obligation 25.8 million

Balance sheet defined benefit pension asset 3.2 million

Information for fiscal year ended August 31, 2021:

Pension benefit obligation at year-end $ 27.3 million

Market value of plan assets at year-end 33.0 million

Current service cost (accrued evenly through year) 2.7 million

Contributions to plan assets made February 28, 2021 1.8 million

Benefit payments to pensioners (paid evenly through year) 0.9 million

Expected earnings rate on plan assets and discount

rate on obligations 8%

Required:

1. Prepare the pension worksheet for year ended August 31, 2021, assuming Centurion reports under IFRS. (Hint- Interest on ABO and expected returns on PA are related to the cash flows and accrual dates).