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: Fair value of plan assets Unamortized past service cost Projected benefit obligation Unrecognized actuarial gain Debit 4,750,000 1,250,000 The transactions for the current year relating to the defined benefit plan are as follows: Credit 5,500,000 850,000 Current service cost Discount rate 925,000 6% Actual return on plan assets 485,000 Contribution to the plan 1,350,000 Benefits paid to retirees 995,000 Increase in projected benefit obligation due to changes in actuarial assumptions 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: Fair value of plan assets Unamortized past service cost Projected benefit obligation Unrecognized actuarial gain Debit 4,750,000 1,250,000 The transactions for the current year relating to the defined benefit plan are as follows: Credit 5,500,000 850,000 Current service cost Discount rate 925,000 6% Actual return on plan assets 485,000 Contribution to the plan 1,350,000 Benefits paid to retirees 995,000 Increase in projected benefit obligation due to changes in actuarial assumptions 150,000 Effective in the current year, the entity has applied the provisions of revised PAS 19 in relation to the defined benefit plan.

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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