Question 1 --/10 View Policies Current Attempt in Progress Teal Corporation is a publicly traded company that follows IFRS. On December 31, 2019, Teal' financial records indicated the following information related to the company's defined benefit pension plan: Defined Benefit Obligation Pension Plan Assets $3,769,000 3,769,000 On July 1, 2020, Teal acquired the operations of Trap Ltd. As one of the conditions of the purchase, Teal agreed that Trap's employees would be included in Teal's defined benefit pension plan, and would be granted credit for the past service of Trap's employees. The actuary estimated the value of the prior service amount granted on July 1, 2020 to be $205,000. Teal' actuary provided the following information on December 31, 2020: Current year service cost Employer contributions for the year Benefits paid to retirees Actuarial increase in pension obligations Discount rate Actual return on assets $871.000 882,000 323.000 48,000 6% Prepare a pension worksheet for Teal Corporation for the year ending December 31, 2020. Prepare a pension worksheet for Teal Corporation for the year ending December 31, 2020. General Journal Entries Annual Pension Expense Remeasurement Gain/Loss OCI Def Cash Net Defined Liability/ Asset Balance, January 1, 2020 Current Service Cost Past Service Cost Net Interest/Finance Cost Asset Remeasurement Gain/Loss Actuarial Gain/Loss Employer Contributions to Pension Fund Benefits Paid to Retirees from Pension Fund Pension Expense Entry - 2020 Net Funding Entry Balance, December 31, 2020 e Textbook and Media List of Accounts Prepare a pension worksheet for Teal Corporation for the year ending December 31, 2020. Memo Record easurement n/Loss OCI General Journal Entries Annual Pension Expense Cash Net Defined Liability/ Asset Defined Benefit Obligation Plan Assets e Textbook and Media List of Accounts Prepare the journal entry to record the pension expense for 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter Ofor the amounts.) Account Titles and Explanation Debit Credit (To record pension expense) (To record payment to the pension fund) eTextbook and Media List of Accounts What is the funded status on December 31, 2020? Teal pension plan is by $ on December 31, 2020. eTextbook and Media List of Accounts Question 1 --/10 View Policies Current Attempt in Progress Teal Corporation is a publicly traded company that follows IFRS. On December 31, 2019, Teal' financial records indicated the following information related to the company's defined benefit pension plan: Defined Benefit Obligation Pension Plan Assets $3,769,000 3,769,000 On July 1, 2020, Teal acquired the operations of Trap Ltd. As one of the conditions of the purchase, Teal agreed that Trap's employees would be included in Teal's defined benefit pension plan, and would be granted credit for the past service of Trap's employees. The actuary estimated the value of the prior service amount granted on July 1, 2020 to be $205,000. Teal' actuary provided the following information on December 31, 2020: Current year service cost Employer contributions for the year Benefits paid to retirees Actuarial increase in pension obligations Discount rate Actual return on assets $871.000 882,000 323.000 48,000 6% Prepare a pension worksheet for Teal Corporation for the year ending December 31, 2020. Prepare a pension worksheet for Teal Corporation for the year ending December 31, 2020. General Journal Entries Annual Pension Expense Remeasurement Gain/Loss OCI Def Cash Net Defined Liability/ Asset Balance, January 1, 2020 Current Service Cost Past Service Cost Net Interest/Finance Cost Asset Remeasurement Gain/Loss Actuarial Gain/Loss Employer Contributions to Pension Fund Benefits Paid to Retirees from Pension Fund Pension Expense Entry - 2020 Net Funding Entry Balance, December 31, 2020 e Textbook and Media List of Accounts Prepare a pension worksheet for Teal Corporation for the year ending December 31, 2020. Memo Record easurement n/Loss OCI General Journal Entries Annual Pension Expense Cash Net Defined Liability/ Asset Defined Benefit Obligation Plan Assets e Textbook and Media List of Accounts Prepare the journal entry to record the pension expense for 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter Ofor the amounts.) Account Titles and Explanation Debit Credit (To record pension expense) (To record payment to the pension fund) eTextbook and Media List of Accounts What is the funded status on December 31, 2020? Teal pension plan is by $ on December 31, 2020. eTextbook and Media List of Accounts