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

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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