Cullumber Corporation provides the following information about its defined benefit pension plan (in hundreds of thousands of dollars) for 2023: Actual return on plan assets Contributions from employer Benefits paid to retirees Actuarial loss due to change in actuarial assumptions 20 $9 Defined benefit expense Remeasurement gain or loss (OCI) Effect on company's shareholders' equity 21 10 Current service cost Opening balance, DBO Opening balance, plan assets At the end of the year, Cullumber revised the terms of its pension plan, which resulted in past service costs of $35. Assuming that Cullumber applies an 10% interest cost and follows IFRS, determine the company's 2023 defined benefit expense and the effect of the pension plan on the company's shareholders' equity. (Enter answer in hundreds of thousands of dollars.) $23 100 100
Cullumber Corporation provides the following information about its defined benefit pension plan (in hundreds of thousands of dollars) for 2023: Actual return on plan assets Contributions from employer Benefits paid to retirees Actuarial loss due to change in actuarial assumptions 20 $9 Defined benefit expense Remeasurement gain or loss (OCI) Effect on company's shareholders' equity 21 10 Current service cost Opening balance, DBO Opening balance, plan assets At the end of the year, Cullumber revised the terms of its pension plan, which resulted in past service costs of $35. Assuming that Cullumber applies an 10% interest cost and follows IFRS, determine the company's 2023 defined benefit expense and the effect of the pension plan on the company's shareholders' equity. (Enter answer in hundreds of thousands of dollars.) $23 100 100
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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
Transcribed Image Text:Cullumber Corporation provides the following information about its defined benefit pension plan (in hundreds of thousands of dollars)
for 2023:
$9
21
Actual return on plan assets
Contributions from employer
Benefits paid to retirees
Actuarial loss due to change in actuarial assumptions 20
Defined benefit expense
Remeasurement gain or loss (OCI)
Effect on company's shareholders' equity
10
Current service cost
Opening balance, DBO
Opening balance, plan assets
$23
100
At the end of the year, Cullumber revised the terms of its pension plan, which resulted in past service costs of $35.
Assuming that Cullumber applies an 10% interest cost and follows IFRS, determine the company's 2023 defined benefit expense and
the effect of the pension plan on the company's shareholders' equity. (Enter answer in hundreds of thousands of dollars.)
$
100
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