At January 1, 2020, Pharoah Corporation had plan assets of $257,000 and a defined benefit obligation of the same amount based on projected costs. During 2020, the current service cost was $28,300, the discount rate on the DBO and plan assets was 10%, actual return on plan assets was $31,400, contributions by Pharoah were $20,800, benefits paid were $17,500, and the cost of past service benefits granted effective December 31, 2020, was $29,000. Prepare a pension work sheet for Pharoah Corporation for 2020 assuming that Pharoah follows IFRS
At January 1, 2020, Pharoah Corporation had plan assets of $257,000 and a defined benefit obligation of the same amount based on projected costs. During 2020, the current service cost was $28,300, the discount rate on the DBO and plan assets was 10%, actual return on plan assets was $31,400, contributions by Pharoah were $20,800, benefits paid were $17,500, and the cost of past service benefits granted effective December 31, 2020, was $29,000. Prepare a pension work sheet for Pharoah Corporation for 2020 assuming that Pharoah follows IFRS
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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At January 1, 2020, Pharoah Corporation had plan assets of $257,000 and a defined benefit obligation of the same amount based on projected costs. During 2020, the current service cost was $28,300, the discount rate on the DBO and plan assets was 10%, actual return on plan assets was $31,400, contributions by Pharoah were $20,800, benefits paid were $17,500, and the cost of past service benefits granted effective December 31, 2020, was $29,000.
Prepare a pension work sheet for Pharoah Corporation for 2020 assuming that Pharoah follows IFRS.
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