Current Attempt in Progress Cullumber Corporation reports the following January 1, 2020 balances for its defined benefit pension plan, whichit accounts for under IFRS: plan assets, $460,000; defined benefit obligation, $460,000. Other data relating to three years of operation of the plan are as follows: 2020 2021 2022 $36,400 $43,700 $58,400 Annual service cost 10% 10% 10% Discount rate 38,700 50,460 53,800 Actual return on plan assets 36,400 43,700 58,400 Funding of current service cost 66,000 79,000 Funding of past service cost 30,500 37,450 47,200 Benefits paid 364,000 Past service cost (plan amended, 1/1/21) Change in actuarial assumptions establishes a December 31. 1196000

Current Attempt in Progress Cullumber Corporation reports the following January 1, 2020 balances for its defined benefit pension plan, whichit accounts for under IFRS: plan assets, $460,000; defined benefit obligation, $460,000. Other data relating to three years of operation of the plan are as follows: 2020 2021 2022 $36,400 $43,700 $58,400 Annual service cost 10% 10% 10% Discount rate 38,700 50,460 53,800 Actual return on plan assets 36,400 43,700 58,400 Funding of current service cost 66,000 79,000 Funding of past service cost 30,500 37,450 47,200 Benefits paid 364,000 Past service cost (plan amended, 1/1/21) Change in actuarial assumptions establishes a December 31. 1196000

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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