Calculate the January 1, 2023 balances for the pension-related accounts if Cullumber follows IFRS. Defined benefit obligation $ 3296000 Fair value of plan assets +A $ 2644136 Net defined benefit liability く $ 651864
Calculate the January 1, 2023 balances for the pension-related accounts if Cullumber follows IFRS. Defined benefit obligation $ 3296000 Fair value of plan assets +A $ 2644136 Net defined benefit liability く $ 651864
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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
Transcribed Image Text:Calculate the January 1, 2023 balances for the pension-related accounts if Cullumber follows IFRS.
Defined benefit obligation
Fair value of plan assets
SA
ԵԴ
3296000
2644136
Net defined benefit
liability
$
651864

Transcribed Image Text:Cullumber Enterprises Ltd. provides the following information about its defined benefit pension plan:
Balances or Values at December 31, 2023
Defined benefit obligation
Vested benefit obligation
Fair value of plan assets
Other pension plan data:
$3,065,000
1,843,354
2,551,728
Current service cost for 2023
105,000
Actual return on plan assets in 2023
146,000
Return on plan assets in 2023 using discount rate
196,760
Interest on January 1, 2023 defined benefit obligation
283,000
Funding of plan in 2023
103,408
Show Transcribed Text
C
Interest on January 1, 2023 defined benefit obligation
283,000
Funding of plan in 2023
103,408
Benefits paid
157,000
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