V-Foenz, Inc., is a small telecommunication company

V-Foenz, Inc., is a small telecommunication company operating out of Montreal. It was incorporated in 2015 and established a defined benefit pension plan for its employees from that year. The company computes interest expense accruing on the Defined Benefits Obligation as well as the expected returns on the Plan Assets on balances existing at the beginning of the year. It also adjusts those balances for changes effected by any transactions occurring at the beginning of the year. The pension accounts for 2020 are in disarray and so you have been retained to help in straightening matters out in this area. You begin your work sometime in early January and were introduced to their “rookie accountant”, Kris Kross. You learn from him that V-Foenz followed ASPE procedures and ended its accounting year on December 31. He reluctantly provides you the following information for 2020 with a clear warning, “I am sure these ain’t right, but I’ll help the best I can”: ☞ “I just joined this company a couple of weeks ago and therefore I do not know what were the beginning balances of either the Defined Benefits Obligation or the Plan Assets. Sorry about that!” ☞ “Oh yah, I definitely know the interest expense for the year was $91,000 which included the interest paid on the past service cost recorded at the beginning of 2020.” ☞ “The Investment Committee, in my opinion, has done a very poor job of investing the assets of this plan. Actually, we received a mere $28,700 as the actual returns on our investments. This is a far cry fro

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