Question 2 (a) Bjrn Borg plc has a defined benefit for its employees. At 1 January 2017, the fair value of the pension plan assets was 4,100,000 and the present value of the defined pension liability was 4,250,000. On 31 December 2017, Bjrn Borg plc received the following information from the firm's actuary: - The service cost for the financial period was estimated at 1,050,000. - During the year, Bjrn Borg plc paid 250,000 to retired employees covered by the pension plan. - During the year, Bjrn Borg plc contributed 950,000 to the plan. - On 31 December 2017, the fair value of the plan assets was 5,300,000. - The actuary estimated the discount rate for the year to 31 December 2017 at 4%. - The defined benefit liability at 31 December 2017 was measured by the actuary and resulted in an amount of 5,500,000. Required (i) Record the journal entries for the above defined benefit employee benefit scheme for the year ended 31 December 2017. (4 marks) (ii) Outline how the defined-benefit pension scheme would be shown in the financial statements of Bjrn Borg plc for the year ended 31 December 2017 in accordance with IAS 19, Employee Benefits. (7 marks) (b) Do you think that any of the following three influences (political factors, economic conditions and accounting theory) contributed to the standard setting process for pensions