Carla Vista Corp. provides the following information about its post-retirement health-care benefit plan for the year 2023: Current service cost Contribution to the plan Actual return on plan assets $204,000 47,850 142,400 85,000 Benefits paid Plan assets at January 1, 2023 1,599,500 Defined post-retirement benefit obligation at January 1, 2023 1,819,000 Discount rate 9% Assume all pension transactions occur at the end of the year. (a1) Assuming Carla Vista applies IFRS, complete a post-retirement work sheet for 2023. Item Remeas. (Gain)/Loss (OCI) Opening balance Service cost Net interest/finance cost Remeasurement loss-asset Contributions Benefits paid Expense entry Funding entry Ending balance > > > > Post Retirement Benefit Expense General Journ > >
Carla Vista Corp. provides the following information about its post-retirement health-care benefit plan for the year 2023: Current service cost Contribution to the plan Actual return on plan assets $204,000 47,850 142,400 85,000 Benefits paid Plan assets at January 1, 2023 1,599,500 Defined post-retirement benefit obligation at January 1, 2023 1,819,000 Discount rate 9% Assume all pension transactions occur at the end of the year. (a1) Assuming Carla Vista applies IFRS, complete a post-retirement work sheet for 2023. Item Remeas. (Gain)/Loss (OCI) Opening balance Service cost Net interest/finance cost Remeasurement loss-asset Contributions Benefits paid Expense entry Funding entry Ending balance > > > > Post Retirement Benefit Expense General Journ > >
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Carla Vista Corp. provides the following information about its post-retirement health-care benefit plan for the year 2023:
Current service cost
Contribution to the plan
Actual return on plan assets
$204,000
47,850
142,400
85,000
Benefits paid
Plan assets at January 1, 2023
1,599,500
Defined post-retirement benefit obligation at January 1, 2023
1,819,000
Discount rate
9%
Assume all pension transactions occur at the end of the year.
(a1)
Assuming Carla Vista applies IFRS, complete a post-retirement work sheet for 2023.
Item
Remeas. (Gain)/Loss (OCI)
Opening balance
Service cost
Net interest/finance cost
Remeasurement loss-asset
Contributions
Benefits paid
Expense entry
Funding entry
Ending balance
>
>
>
>
Post Retirement
Benefit Expense
General Journ
>
>
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