$ 335,438 Benefits paid to retirees Expected return on plan assets Funding contributions during the year 274,613 358,538 Service cost 331,575 245,025 360,225 Investment return Interest cost Plan assets at fair value, January 1 5,495,963

Q: You are preparing to produce some goods for sale. You will sell them in one year and you will incur…

A: To calculate the selling price after 1 year we will use the time value of money formula as follows:…

Q: Discuss when the interest capitalization period begins and ends for assets constructed for a…

A: Capitalization of Borrowing Cost: When it is likely that borrowing costs will result in future…

Q: Outline the accounting procedures involved in applyingthe capital lease method by a lessee.

A:

Q: The ability to meet short term obligations is termed

A: A short-term liability is referred to as the financing obligation that being liable to an…

Q: Describe the accounting and reporting for special features of lease arrangements.

A: Special features of lease arrangements: - Residual type - Sale type leases - Bargain purchase option…

Q: hich of the following statement about expected vesting period agrees with IFRS 2?

A:

Q: What does the present value of the residual value of a lease asset is called? Describe about it in…

A: Present value: This is the amount of future value reduced or discounted at a rate of interest till…

Q: At the beginning of a Type B lease, the lessor will record what asset and liability, if any?

A: Lease:An agreement of contract that is made to transfer the right to utlize the resources for a…

Q: Referring to the Accounting standard AASB16, explain how a right-of-use asset measured at lease…

A: Lease Liability Recognized at Present Value of Lease installments or Lease Rentals Will be…

Q: Could a finance lease under IFRS be classified as an operating lease under U.S. GAAP? Explain.

A: International Financial Reporting Standards They are commonly known as IFRS. It is a set of…

Q: Under a property policy,  insurable interest must exist at which of the following times?  when the…

A: Insurable interest is a type of insurance which protect the policy holder from the financial loss…

Q: How to classify Unearned interest Revenue portion of lease in Balance Sheet in Lessor Books &…

A: Finance Lease is a type of lease which is equivalent to purchase of asset with the help of debt. In…

Q: Define the contract liabilities.

A: Liability: Liabilities include the claims of the creditors on the assets of the business. The…

Q: What is the purpose of a proposed schedule of liquidation, and how is it developed?

A: Partnership: This is the form of business entity that is formed by an agreement, owned and managed…

Q: How do IRS regulations affect leasing decisions?

A: Regarding the lease of capital, IRS laws grant the leaser permission to collect data tax advantages…

Q: What are the issues in the exposure draft, Debt (Topic 470)? Analyze it

A: The FASB issued an Exposure draft titled debt(470) which aims at simplifying the classification of…