You are the accountant for Spring Ltd. You have gathered the following information about its pension...

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You are the accountant for Spring Ltd. You have gathered the following information about its pension plan for the year ended December 31, 2020: 1. Service cost during the year is $300,000. 2. The expected return on plan assets is 9%. 3. The company contributed $650,000 to the plan in the year. 4. The actual return on plan assets is $250,000. 5. The defined benefit obligation at January 1, 2020 was $3,000,000. 6. The fair value of the plan assets at January 1, 2020 was $1,650,000. 7. The company accrued pension costs for past services in the amount of $150,000 at December 31, 2020. 8. Spring uses IFRS. Required a) Prepare a pension worksheet for 2020 (see next page for worksheet). Financial Statement Entries Annual Pension Memo Record Net Defined Benefit Asset / (Liability) Items Re-measurement (Gain) Loss (OCI) Cash Defined Benefit Plan Assets Expense Obligation Beg Balance January 1, 2020 Expense Entry Contribution Entry Ending Balance You are the accountant for Spring Ltd. You have gathered the following information about its pension plan for the year ended December 31, 2020: 1. Service cost during the year is $300,000. 2. The expected return on plan assets is 9%. 3. The company contributed $650,000 to the plan in the year. 4. The actual return on plan assets is $250,000. 5. The defined benefit obligation at January 1, 2020 was $3,000,000. 6. The fair value of the plan assets at January 1, 2020 was $1,650,000. 7. The company accrued pension costs for past services in the amount of $150,000 at December 31, 2020. 8. Spring uses IFRS. Required a) Prepare a pension worksheet for 2020 (see next page for worksheet). Financial Statement Entries Annual Pension Memo Record Net Defined Benefit Asset / (Liability) Items Re-measurement (Gain) Loss (OCI) Cash Defined Benefit Plan Assets Expense Obligation Beg Balance January 1, 2020 Expense Entry Contribution Entry Ending Balance

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IFRS Year 2020 1 Pension Expense 42150000 2 Journal entry Account title Explaination 2020 Debit Cred... View the full answer