P17-11 IFRS; calculate pension expense; journal entries; determine net pension asset or liability

P17-11 IFRS; calculate pension expense; journal entries; determine net pension asset or liability

Refer to the situation described in Problem 17-10. Assume Electronic Distribution prepares its financial statements according to International Accounting Standards.

Required:

1. Calculate the pension expense for 2013.

2. Prepare the journal entry to record pension expense, gains or losses, past service cost, funding, and payment of benefits for 2013.

3. What amount will Electronic Distribution report in its 2013 balance sheet as a net pension asset or net pension liability?