Cullumber Limited follows ASPE, and the company sponsors a defined benefit pension plan. Cullumber's actuary provides thefollowing information about the plan (in thousands of dollars):January 1,2023December 31,2023Vested benefit obligation$1,500$1,520Defined benefit obligation, accounting basis2,2803,028Plan assets (fair value)1,3602,089Interest/discount rate10%10%Net defined benefit liability/asset??Past service cost, plan amendment, effective December 30, 2023360Service cost for the year 2023300Contributions (funding) 2023600Benefits paid in 2023(a)Calculate the actual return on the plan assets in 2023. (Enter answers in thousands of dollars.)Actual return on the plan assets in 2023$140

A pension is a fund that receives contributions from an employee while they are still working and…

Answered: Calculate the actual return on the plan…

Business

Accounting

Calculate the actual return on the plan assets in 2023. (Enter answers in thousands of dollars.)

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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