(a) Prepare a pension worksheet for Sandhill Corporation for 2023. Balance, January 1, 2023 Current Service Cost Prior Service Cost Net Interest/Finance Cost Asset Remeasurement Gain/Loss Remeasurement Gain/Loss (OCI) Employer Contributions to Pension Fund Benefits Paid to Retirees from Pension Fund Defined Benefit Expense Entry-2023 Net Funding Entry Balance, December 31, 2023 Annual Defined Benefit Expense General Journal Entries > > > > 15200 Cr. 77000 Dr. ✓ 166000 Dr. ✓ Cash > > > Net Defined Liability/ Asset > > > > > > > > > Memo Record Defined Benefit Obligation > > > > > Plan Assets > > > > > > > > > > > > > > > > Sandhill Corporation is a publicly traded company and follows IFRS. On December 31, 2022, Sandhill's financial records indicated the following information related to the company's defined benefit pension plan: Defined Benefit Obligation Pension Plan Assets $1,390,000 1,520,000 Sandhill Corporation's actuary provided the following information on December 31, 2023: Current year service cost $77,000 Prior service cost, granted Jan 1, 2023 166,000 Employer contributions for the year 89,000 Benefits paid to retirees 25,000 Expected return on assets 5% 6% Actual return on assets Discount rate 5%

(a) Prepare a pension worksheet for Sandhill Corporation for 2023. Balance, January 1, 2023 Current Service Cost Prior Service Cost Net Interest/Finance Cost Asset Remeasurement Gain/Loss Remeasurement Gain/Loss (OCI) Employer Contributions to Pension Fund Benefits Paid to Retirees from Pension Fund Defined Benefit Expense Entry-2023 Net Funding Entry Balance, December 31, 2023 Annual Defined Benefit Expense General Journal Entries > > > > 15200 Cr. 77000 Dr. ✓ 166000 Dr. ✓ Cash > > > Net Defined Liability/ Asset > > > > > > > > > Memo Record Defined Benefit Obligation > > > > > Plan Assets > > > > > > > > > > > > > > > > Sandhill Corporation is a publicly traded company and follows IFRS. On December 31, 2022, Sandhill's financial records indicated the following information related to the company's defined benefit pension plan: Defined Benefit Obligation Pension Plan Assets $1,390,000 1,520,000 Sandhill Corporation's actuary provided the following information on December 31, 2023: Current year service cost $77,000 Prior service cost, granted Jan 1, 2023 166,000 Employer contributions for the year 89,000 Benefits paid to retirees 25,000 Expected return on assets 5% 6% Actual return on assets Discount rate 5%

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter19: Accounting For Post Retirement Benefits

Section: Chapter Questions

Problem 6MC

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Sheridan Corporation initiated a defined benefit pension plan for its 50 employees on January 1, 2020. The insurance company that administers the pension plan provides the following information for the years 2020, 2021, and 2022: For Year Ended December 31 2020 2021 2022 Plan assets (fair value) $52,000 $86,000 $169,000 Defined benefit obligation 63,900 Net actuarial (gain) loss: DBO 8,900 (24,500 ) 84,500 Remeasurement (gain) loss: fund assets ? ? (15,120 ) Employer's funding contribution (made at end of year) 52,000 60,000 95,000 There were no balances as at January 1, 2020, when the plan was initiated, because no credit was given for past service. The rate used to discount the company's pension obligation was 13% in 2020, 11% in 2021, and 8% in 2022. The service cost component of net periodic pension expense amounted to the following: 2020, $55,000; 2021, $86,000; and 2022, $120,000. No benefits were paid in 2020, but $31,000 was paid in 2021, and $34,000 in 2022. (All benefits were…
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Required: Prepare a spreadsheet containing all relevant pension information for 20X7 and 20X8. 20X7 Beginning-PSC CSC Net interest Funding Ending balance 20x8 CSC en lukk Pension Obligation Plan Assets Pension Expense Net pension Asset (Liab) AOCI
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H1. Account
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