At January 1, 2020, Van Gogh Corp.'s defined benefit pension plan, under IFRS, had a defined benefit obligation of $ 100,000, while the fair value of the plan assets was $ 120,000. During 2020, the plan's current service cost was $ 150,000; past service costs were $ 80,000; Van Gogh contributed $ 110,000 to the plan; the actual and expected return on the plan assets was $9,000; and benefits paid to retirees were $ 95,000. If the net interest cost was $10,000, what is the defined benefit obligation at December 31, 2020? A) $ 110,000 OB) $144,000 C) $ 235,000 D) $254,000

At January 1, 2020, Van Gogh Corp.'s defined benefit pension plan, under IFRS, had a defined benefit obligation of $ 100,000, while the fair value of the plan assets was $ 120,000. During 2020, the plan's current service cost was $ 150,000; past service costs were $ 80,000; Van Gogh contributed $ 110,000 to the plan; the actual and expected return on the plan assets was $9,000; and benefits paid to retirees were $ 95,000. If the net interest cost was $10,000, what is the defined benefit obligation at December 31, 2020? A) $ 110,000 OB) $144,000 C) $ 235,000 D) $254,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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