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
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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
Transcribed Image Text: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
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