Measuring and recording pension expense
Presented below is information related to the defined benefit pension plan of Swiss Chard Ltd. for the year 2020. The corporation uses IFRS. 
Instructions
a) Calculate the pension expense to be reported on the income statement for 2020.
b) Calculate the amount to be shown as OCI for 2020.
c) Calculate the fair value of the plan assets at December 31, 2020.
d) Prepare the journal entries to reflect the accounting for the company's pension plan for the year ending December 31, 2020.
Definitions:
Industry Life Cycle
Stages through which firms typically pass as they mature.
Market Penetration
A measure of the extent of sales or adoption of a product or service compared to the total theoretical market for that product or service.
Rapid Growth
A phase in which a company or economy experiences significantly faster-than-average increases in revenue or expansion.
Appreciating
The increase in the value of an asset over time, which can occur due to various factors such as inflation, changes in interest rates, or increased demand.
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