E. Charlton Company provided the following information concerning a defined benefit plan at the beginning of current year prior to the adoption of revised PAS 19: Debit 4,750,000 Credit Fair value of plan assets Unamortized past service cost Projected benefit obligation Unrecognized actuarial gain 1,250,000 5,500,000 850,000 The transactions for the current year relating to the defined benefit plan are as follows: Current service cost 925,000 Discount rate 6% Actual return on plan assets Contribution to the plan Benefits paid to retirees Increase in projected benefit obligation due to changes in actuarial assumptions 485,000 1,350,000 995,000 150,000 Effective in the current year, the entity has applied the provisions of revised PAS 19 in relation to the defined benefit plan.
E. Charlton Company provided the following information concerning a defined benefit plan at the beginning of current year prior to the adoption of revised PAS 19: Debit 4,750,000 Credit Fair value of plan assets Unamortized past service cost Projected benefit obligation Unrecognized actuarial gain 1,250,000 5,500,000 850,000 The transactions for the current year relating to the defined benefit plan are as follows: Current service cost 925,000 Discount rate 6% Actual return on plan assets Contribution to the plan Benefits paid to retirees Increase in projected benefit obligation due to changes in actuarial assumptions 485,000 1,350,000 995,000 150,000 Effective in the current year, the entity has applied the provisions of revised PAS 19 in relation to the defined benefit plan.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Compute for the Fair Value Plan Asset (FVPA) as of December 31.
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