Question: Kent Inc. provides a defined benefit pension plan for its employees and follows IFRS. The following is the information regarding with Kent's pension plan for

Kent Inc. provides a defined benefit pension plan for its employees

Kent Inc. provides a defined benefit pension plan for its employees and follows IFRS. The following is the information regarding with Kent's pension plan for the year ended December 31, 2020: Fair value of plan assets, January 1 $320,000 Defined benefit obligation, January 1 350,000 Current service cost 23,000 Employer contributions 20,000 Benefits paid to retirees 26,000 Actual return on plan assets 25,000 Past service cost (assessed on January 1) 80,000 Actuarial loss (change in actuarial assumptions) 17,000 Interest (discount) rate 7% Instruction: a. Prepare continuity schedules for the plan assets of 2020. b. Prepare continuity schedules for the defined benefit obligation of 2020. c. What is the income statement effect of the defined benefit pension plan for 2020? d. What is the balance sheet effect of the defined benefit pension plan on December 31, 2020? e. What is the funded status of the defined benefit plan on December 31, 2020? How has it changed from January 1, 2020? f. Explain in your own words how Kent's reporting of the defined benefit pension plan would have been different had it followed ASPE. Kent Inc. provides a defined benefit pension plan for its employees and follows IFRS. The following is the information regarding with Kent's pension plan for the year ended December 31, 2020: Fair value of plan assets, January 1 $320,000 Defined benefit obligation, January 1 350,000 Current service cost 23,000 Employer contributions 20,000 Benefits paid to retirees 26,000 Actual return on plan assets 25,000 Past service cost (assessed on January 1) 80,000 Actuarial loss (change in actuarial assumptions) 17,000 Interest (discount) rate 7% Instruction: a. Prepare continuity schedules for the plan assets of 2020. b. Prepare continuity schedules for the defined benefit obligation of 2020. c. What is the income statement effect of the defined benefit pension plan for 2020? d. What is the balance sheet effect of the defined benefit pension plan on December 31, 2020? e. What is the funded status of the defined benefit plan on December 31, 2020? How has it changed from January 1, 2020? f. Explain in your own words how Kent's reporting of the defined benefit pension plan would have been different had it followed ASPE

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