E. Charlton Company provided the following information concerning a defined benefit plan at the beginning of current year prior to the adoption of revised PAS 19: Debit Credit Fair value of plan...

Extracted text: E. Charlton Company provided the following information concerning a defined benefit plan at the beginning of current year prior to the adoption of revised PAS 19: Debit Credit Fair value of plan assets Unamortized past service cost Projected benefit obligation 4,750,000 1,250,000 5,500,000 850,000 Unrecognized actuarial gain The transactions for the current year relating to the defined benefit plan are as follows: Current service cost 925,000 Discount rate 6% Actual return on plan assets Contribution to the plan Benefits paid to retirees Increase in projected benefit obligation due to changes in actuarial assumptions 485,000 1,350,000 995,000 150,000 Effective in the current year, the entity has applied the provisions of revised PAS 19 in relation to the defined benefit plan. REQUIRED: 15. Prepare journal entry to recognize the transitional effect of adopting revised PAS 19. 16. Determine the employee benefit expense for the current year. 17. Compute the remeasurement related to the defined benefit plan. 18. Prepare journal entry to record the employee benefit expense. 19. Compute for the Fair Value Plan Asset (FVPA) as of December 31. 20. Compute for the projected benefit obligation on December 31.