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Bridgeport Inc. has a defined benefit plan for its employees. On December 31, 2019 the company’s...

Bridgeport Inc. has a defined benefit plan for its employees. On December 31, 2019 the company’s records showed the following information related to the plan:

Pension plan assets $843,000
Defined benefit obligation 923,000


All employees are expected to receive benefits under the plan. The company’s actuary provided the following information as at December 31, 2020:

Current year service cost $178,000
Past service benefits, granted July 1, 2020 29,000
Discount rate 5%
Actual return on assets 6%
Contributions for the year 265,000
Benefits paid to retirees 125,000

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Calculate pension expense for Bridgeport Inc. for 2020, assuming ASPE is used.

Pension expense, 2020 $Enter your answer in accordance to the question statement

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New attempt is in progress. Some of the new entries may impact the last attempt grading.Your answer is incorrect.

Calculate pension expense for Bridgeport Inc. for 2020, assuming IFRS is used.

Pension expense, 2020 $Enter your answer in accordance to the question statement

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ekkarill92 answered 2 years ago
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