Ivanhoe Corporation provides the following information about its defined benefit pension plan for the year 2023: Current service cost $225,500 Contribution to the plan 262,750 Past service cost, effective December 31, 2023 25,700 Actual return on plan assets 159,700 Benefits paid 106,100 Net defined benefit liability at January 1, 2023 411,000 Plan assets at January 1, 2023 1,597,000 Defined benefit obligation at January 1, 2023 2,008,000 Interest/discount rate on the DBO and plan assets 10% Ivanhoe follows IFRS. (a) Prepare a pension work sheet. Annual Deficit Benefit Expense $ $ Balance, 01/01/2023 Current service cost Past service cost General Journal Entries Cash IVANH Pensio

Ivanhoe Corporation provides the following information about its defined benefit pension plan for the year 2023: Current service cost $225,500 Contribution to the plan 262,750 Past service cost, effective December 31, 2023 25,700 Actual return on plan assets 159,700 Benefits paid 106,100 Net defined benefit liability at January 1, 2023 411,000 Plan assets at January 1, 2023 1,597,000 Defined benefit obligation at January 1, 2023 2,008,000 Interest/discount rate on the DBO and plan assets 10% Ivanhoe follows IFRS. (a) Prepare a pension work sheet. Annual Deficit Benefit Expense $ $ Balance, 01/01/2023 Current service cost Past service cost General Journal Entries Cash IVANH Pensio

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter19: Accounting For Post Retirement Benefits

Section: Chapter Questions

Problem 6MC

See similar textbooks

Similar questions

Sandhill Company provides the following information about its defined benefit pension plan for the year 2025. Service cost Contribution to the plan $88,400 103,100 Prior service cost amortization 10,600 Actual and expected return on plan assets 64,800 Benefits paid 39,800 Plan assets at January 1, 2025 634,600 Projected benefit obligation at January 1, 2025 700,900 Accumulated OCI (PSC) at January 1, 2025 152,600 Interest/discount (settlement) rate 10% Compute the pension expense for the year 2025. Pension expense for 2025 $
Crane Enterprises Ltd. provides the following information about its defined benefit pension plan: Balances or Values at December 31, 2023 Defined benefit obligation Vested benefit obligation Fair value of plan assets $2,710,000 1,629,393 2,255,546 Other pension plan data: Current service cost for 2023 93,000 Actual return on plan assets in 2023 129,000 Return on plan assets in 2023 using discount rate 173,920 Interest on January 1, 2023 defined benefit obligation 250,000 Funding of plan in 2023 91,406 Benefits paid 139,000 (a) Calculate the January 1, 2023 balances for the pension-related accounts if Crane follows IFRS. Defined benefit obligation Fair value of plan assets Net defined benefit +A +A
Sandhill Corporation provides the following information about its defined benefit pension plan for the year 2023: Current service cost $225,200 Contribution to the plan 263,150 Past service cost, effective December 31, 2023 25,650 Actual return on plan assets 159,750 Benefits paid 104,300 Net defined benefit liability at January 1, 2023 424,500 Plan assets at January 1, 2023 1,597,500 Defined benefit obligation at January 1, 2023 2,022,000 Interest/discount rate on the DBO and plan assets 10% Sandhill follows IFRS. Prepare a pension work sheet. SANDHILL CORPORATION Pension Work Sheet—2023 General Journal Entries Annual Deficit Benefit Expense Cash Net Def. Benefit Liab/Asset Balance, 01/01/2023 $ $ $ Current service cost Past service cost Net interest/finance cost Contributions Benefits paid Expense
Sunland Company provides the following information about its defined benefit pension plan for the year 2025. Service cost $91,400 Contribution to the plan 102,900 Prior service cost amortization 9,600 Actual and expected return on plan assets 64,900 Benefits paid 40,600 Plan assets at January 1, 2025 632,300 Projected benefit obligation at January 1, 2025 686,100 Accumulated OCI (PSC) at January 1, 2025 147,300 Interest/discount (settlement) rate 11% Compute the pension expense for the year 2025. Pension expense for 2025 :$__?__
Togress Ivanhoe Company provides the following information about its defined benefit pension plan for the year 2025. Service cost Contribution to the plan $91,300 102,900 Prior service cost amortization 9,500 Actual and expected return on plan assets 64,800 Benefits paid 39,400 Plan assets at January 1, 2025 648,700 Projected benefit obligation at January 1, 2025 694,400 Accumulated OCI (PSC) at January 1, 2025 150,900 Interest/discount (settlement) rate 9% Compute the pension expense for the year 2025. Pension expense for 2025 $
Sunland Company provides the following information about its defined benefit pension plan for the year 2025. Service cost Contribution to the plan $90,100 104,900 Prior service cost amortization 10,800 Actual and expected return on plan assets 63,000 Benefits paid 40,700 Plan assets at January 1, 2025 643,200 Projected benefit obligation at January 1, 2025 690,100 Accumulated OCI (PSC) at January 1, 2025 150,500 Interest/discount (settlement) rate 10% (a) Prepare a pension worksheet inserting January 1, 2025, balances, showing December 31, 2025. (Enter all amounts as positive.)
Rosaria Co. sponsors a defined benefit pension plan. For the current year ended December 31, thefollowing information relevant to the plan has been accumulated:Defined benefit obligation, 1/1 P11,250,000Fair value of plan assets, 1/1 10,500,000Current service cost 1,050,000Past service cost 2,200,000Actual return on plan assets 600,000Decrease in defined benefit obligation due tochanges in actuarial assumptions300,000Discount rate 8%Requirements:1. In the working papers computations, what balance of plan assets will be determined?2. In the working papers computations, what balance of benefit obligation will be determined?3. Calculate the amount that the entity would recognize in profit or loss for the year in accordancewith the revised PAS 19.4. Calculate the amount that the entity would recognize in other comprehensive income for theyear in accordance with the revised PAS 19.
un.3
Wildhorse Company provides the following information about it defined benefit pension plan for the year 2025. Service cost $89, 200 Contribution to the plan amortization 10,300 Actual and expected return on plan assets 64, 100 Benefits paid 40, 100 Plan assets at January 1, 2025 632, 500 Projected benefit obligation at January 1, 2025 702,600 Accumulated OCI (PSC) at January 1, 2025 151,200 Interest/discount (settlement) rate 11% Compute the pension expense for the year 2025
The following information is available for Carla Vista Corporation's pension plan for the year 2023: Plan Assets, January 1, 2023$ 390,000 Actual Return on Plan Assets$ 17,000 Benefits Paid on Plan Assets$ 40,400 Contributions (Funding)$ 93,900 Discount Rate 11% Defined Benefit Oblicgation$ 511,000 Service Cost $ 65,300
The following information is available for BDM Corporation's defined benefit pension plan: Defined benefit obligation, opening balance, accounting basis Fair value of plan assets Current service cost Discount rate Actual return earned on plan assets Contributions (funding) Benefits paid to retirees (a) 2023 2024 Your answer is partially correct. 2025 Asset/Liability Llability Liability Liability $ $ 2023 175.000 165,000 35,000 $ 7% Amount 8% 44,000 24,800 2024 On January 1, 2023, BDM amended its pension plan, resulting in past service costs with a present value of $78,200. ? ? $47,250 7% 6% Calculate the pension plan's surplus or deficit and the pension liability or asset reported on the December 31, 2023, 2024, and 2025 statements of financial position assuming that BDM accounts for its pension plan under ASPE. (Round answers to O decimal places, e.g. 5,275.) 44,000 25,000 2025 ? ? $52,500 7% 7% 44,000 28,400
Sandhill Company provides the following information about its defined benefit pension plan for the year 2025. Service cost Contribution to the plan $91,600 104,400 Prior service cost amortization 10,800 Actual and expected return on plan assets 64,600 Benefits paid 40,300 Plan assets at January 1, 2025 650,000 Projected benefit obligation at January 1, 2025 692,000 Accumulated OCI (PSC) at January 1, 2025 150,000 Interest/discount (settlement) rate 11% (a) Prepare a pension worksheet inserting January 1, 2025, balances, showing December 31, 2025. (Enter all amounts as positive.