Question 5 (16 marks): Alberta co provides a defined benefit pension plan to its employees, and it account for it under IFRS. Dec 31, 2020 the plan reports: Plan Assets $ 180,000 Defined benefit obligations $ 240,000 Jan 1, 2020 there is amendment to the pension plan result in credit for previous years of service for some of Alberta employees. The credit is recognized and credited to the obligation on the same day of the amendment. Other data relating to 2020: 2020 Current service cost. 80,000 Actual return on plan assets. 21,000 Contributions. 70,000 Benefits paid to retirees. 120.000 Interest (discount) rate. 10% Past service costs 10,000 You learn from the Plan administrator that the Plan Obligation are $250,000 as of Dec 31, 2020. Required: Using the continuity schedules (or use the worksheet instead) answer the following questions: 1- What is the plan funded status on Jan 1, 2020 and Dec 31, 2020? 2- Calculate the projected defined benefit obligation (DBO) at Dec 31, 2020 3- Calculate the Plan asset fair value at Dec 31 2020 4- Calculate the 2020 pension expense. 5. Prepare the journal entries to record the pension expenses and the plan contributions. For 2020 Question 5 (16 marks): Alberta co provides a defined benefit pension plan to its employees, and it account for it under IFRS. Dec 31, 2020 the plan reports: Plan Assets $ 180,000 Defined benefit obligations $ 240,000 Jan 1, 2020 there is amendment to the pension plan result in credit for previous years of service for some of Alberta employees. The credit is recognized and credited to the obligation on the same day of the amendment. Other data relating to 2020: 2020 Current service cost. 80,000 Actual return on plan assets. 21,000 Contributions. 70,000 Benefits paid to retirees. 120.000 Interest (discount) rate. 10% Past service costs 10,000 You learn from the Plan administrator that the Plan Obligation are $250,000 as of Dec 31, 2020. Required: Using the continuity schedules (or use the worksheet instead) answer the following questions: 1- What is the plan funded status on Jan 1, 2020 and Dec 31, 2020? 2- Calculate the projected defined benefit obligation (DBO) at Dec 31, 2020 3- Calculate the Plan asset fair value at Dec 31 2020 4- Calculate the 2020 pension expense. 5. Prepare the journal entries to record the pension expenses and the plan contributions. For 2020