Pumpkin Ltd. received the following information from its pension plan trustee concerning their defined benefit pension plan for the year ended December 31, 2023 December 31, 2023 $3,990,000 1,882,000 January 1, 2023 Defined benefit obligation $3,500,000 Fair value of plan assets 1,750,000 For 2023, the service cost is $210,000 and past service cost (effective Jan. 1) is $100,000. During 2023, Pumpkin contributed $595,000 to the plan. The discount rate is 8%. Pumpkin uses IFRS. Instructions a) Calculate the defined benefit expense to be reported in 2023. b) Prepare the journal entries to record the defined benefit expense and the employer's contribution for 2023.

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Employee Benefits

In an organization employees are the most important resource and most important asset. They can lead an organization to the sky or can be the reason for unsuccessful of business. Therefore, it is very much important that employees of an organization should be satisfied by the environment of the organization and most importantly with the salary, wages incentives, etc.