Cullumber Corporation is a privately-owned company that follows ASPE. On December 31, 2022, Cullumber's financial records indicated the following information related to the company's defined benefit pension plan: Defined Benefit Obligation Pension Plan Assets $7,515,000 7,322,000 On January 1, 2023, Cullumber acquired the operations of Blossom Ltd. As one of the conditions of the purchase, Cullumber agreed that Blossom's employees would be included in Cullumber's defined benefit pension plan and would be granted credit for the past service of Blossom's employees. The actuary estimated the value of the prior service amount granted on January 1, 2023 to be $312,500. Cullumber's actuary provided the following information on December 31, 2023: Current year service cost $376,000 Employer contributions for the year 443,300 Benefits paid to retirees 183,900 Actuarial increase in pension obligations 112,900 Expected return on assets 6% Actual return on assets 5% Discount rate 6% (a) Prepare a pension worksheet for Cullumber Corporation for the year ending December 31, 2023.

Cullumber Corporation is a privately-owned company that follows ASPE. On December 31, 2022, Cullumber's financial records indicated the following information related to the company's defined benefit pension plan: Defined Benefit Obligation Pension Plan Assets $7,515,000 7,322,000 On January 1, 2023, Cullumber acquired the operations of Blossom Ltd. As one of the conditions of the purchase, Cullumber agreed that Blossom's employees would be included in Cullumber's defined benefit pension plan and would be granted credit for the past service of Blossom's employees. The actuary estimated the value of the prior service amount granted on January 1, 2023 to be $312,500. Cullumber's actuary provided the following information on December 31, 2023: Current year service cost $376,000 Employer contributions for the year 443,300 Benefits paid to retirees 183,900 Actuarial increase in pension obligations 112,900 Expected return on assets 6% Actual return on assets 5% Discount rate 6% (a) Prepare a pension worksheet for Cullumber Corporation for the year ending December 31, 2023.

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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