e, January 1, 2023 Current Service Cost Prior Service Cost Net Interest/Finance Cost Asset Gain/Loss B Actuarial Remeasurement Gain/Loss Employer Contributions to Pension Fund Benefits Paid to Retirees from Pension Fund Defined Benefit Expense Entry - 2023 Net Funding Entry Q L Annual Defined Benefit Expense A > > Cash W N & NEW
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 $7,612,000 Pension Plan Assets 7,266,000 On January 1, 2023, Cullumber acquired the operations of Ivanhoe Ltd. As one of the conditions of the purchase, Cullumber agreed that Ivanhoe's employees would be ingluded in Cullumber's defined benefit pension plan and would be granted credit for the past service of Ivanhoe's employees. The actuary estimated the value of the prior service amount granted on January 1, 2023 to be $332,000. Cullumber's actuary provided the following information on December 31, 2023: Current year service cost Employer contributions for the year Benefits paid to retirees Actuarial increase in pension obligations Expected return on assets Actual return on assets Discount rate O L $379,500 441.200 181.200 119,600 6% 5% 6% prepare a pension worksheet for cullunber corporation for the year ending december 31, 2023
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