Question One Maple Construction Corp. ,( a company that follows IFRS) has a defined benefit pension plan. Information concerning the 20X7 and 20X8 fiscal years is presented below: From the plan actuary: Current service cost in 20X7 is $430,000 and in 20X8 is $488,000. Defined benefit obligation is $4,975,000 at the beginning of 20X7. New past service cost in 20X8 is $45,000, a reduction in benefits. Accumulated OCI amounts are losses at the beginning of 20X7, amounting to $787,000. Benefits paid to retireesat end of year, $235,000 in 20X7, and $295,000 in 20X8. Actuarial revaluation in 20X7 showed a $406,000 increase in the obligation due to changes in mortality. Revaluations take place every four years. From the plan trustee: Plan assets at market value at the beginning of 20X7 were $3,705,000. 20X7 contributions at end of year were $510,000 and in 20X8, $525,000. Actual earnings were $276,000 in 20X7 and $80,000 in 20X8. Other information: Yield on long-term debt, stable in 20X7 and 20X8, 6%. The opening net defined benefit liability on the SFP is the opening net amount of the defined benefit obligation and opening fund assets. Required: Prepare a spreadsheet for 20X7 and 20X8 that determines pension expense and also the closing net defined benefit asset or liability account and accumulated OCI. Please use the format for the pension worksheet as outlined in your text and in our course site.

General Journal Entries Memo Record Net Def Benefit Liability/ Asset Accumulated Pension Expense Liabile aller de deler e Plan Assets r derfor dr/cr dr/cr Cash dr/cr dr/cr DBO dr/cr dr/cr Balance Jan 1, 20X7 Current Service Cost Past Service Cost Net Interest/ Finance Cost Asset remeasurment gain/ loss Employee/er contributions to pension fund Benefits paid to retirees from pension fund Pension expense entry 2007 Net funding entry Balance Dec 31, 20X7