Carla Vista Corp. provides the following information about its post-retirement health-care benefit plan for the year 2023:Current service costContribution to the planActual return on plan assets$204,00047,850142,40085,000Benefits paidPlan assets at January 1, 20231,599,500Defined post-retirement benefit obligation at January 1, 20231,819,000Discount rate9%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.Post RetirementItemRemeas. (Gain)/Loss (OCI)Benefit ExpenseOpening balanceService costNet interest/finance costRemeasurement loss-assetContributionsBenefits paidExpense entryFunding entryEnding balance<><>>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 Benefits paid Plan assets at January 1, 2023 $204,000 47,850 142,400 85,000 1.599.500 Defined post-retirement benefit obligation at January 1, 2023 1,819,000 Discount rate 9%

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 Benefits paid Plan assets at January 1, 2023 $204,000 47,850 142,400 85,000 1.599.500 Defined post-retirement benefit obligation at January 1, 2023 1,819,000 Discount rate 9%

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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Pension data for Sterling Properties include the following: Service cost, 2024 Projected benefit obligation, January 1, 2024 Plan assets (fair value), January 1, 2024 Prior service cost-AOCI (2024 amortization, $8) Net loss-AOCI (2024 amortization, $2) Interest rate, 5% Expected return on plan assets, 9% Actual return on plan assets, 10% Required: ($ in thousands) $ 125 660 700 90 111 Assume Sterling Properties prepares its financial statements according to International Financial Reporting Standards (IFRS). The interest rate on high-grade corporate bonds is 5%. Determine the net pension cost. Note: Enter your answer in thousands (i.e., 10,000 should be entered as 10). Answer is complete but not entirely correct. Net pension cost $ 105 thousand Assessment Tool iFrame
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Current Attempt in Progress Headland Importers provides the following pension plan information. Fair value of pension plan assets, January 1, 2020 $2,463,000 Fair value of pension plan assets, December 31, 2020 2,815,000 Contributions to the plan in 2020 262,000 Benefits paid retirees in 2020 328,000 From the data above, compute the actual return on the plan assets for 2020. Actual return on plan assets for 2020 %24
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