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Ivanhoe Inc. has a defined benefit plan for its employees. On December 31, 2022, the company's records showed the following information related to the plan: Pension plan assets Defined benefit obligation $304,500 376,500 All employees are expected to receive benefits under the plan. The company's actuary provided the following information as at December 31, 2023: Current year service cost Past service benefits, granted July 1, 2023 Expected return on assets Actual return on assets Discount rate for DBO Contributions for the year Benefits paid to retirees (a) Calculate defined benefit expense for Ivanhoe Inc. for 2023, assuming ASPE is used. Defined benefit expense, 2023 $ $49,000 72,000 11% 9% 11% 35,500 16,900 b) Calculate defined benefit expense for Ivanhoe Inc. for 2023, assuming IFRS is used. Defined benefit expense, 2023

Ivanhoe Inc. has a defined benefit plan for its employees. On December 31, 2022, the company's records showed the following information related to the plan: Pension plan assets Defined benefit obligation $304,500 376,500 All employees are expected to receive benefits under the plan. The company's actuary provided the following information as at December 31, 2023: Current year service cost Past service benefits, granted July 1, 2023 Expected return on assets Actual return on assets Discount rate for DBO Contributions for the year Benefits paid to retirees (a) Calculate defined benefit expense for Ivanhoe Inc. for 2023, assuming ASPE is used. Defined benefit expense, 2023 $ $49,000 72,000 11% 9% 11% 35,500 16,900 b) Calculate defined benefit expense for Ivanhoe Inc. for 2023, assuming IFRS is used. Defined benefit expense, 2023

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Please answer a and b with details about the calculation.

Ivanhoe Inc. has a defined benefit plan for its employees. On December 31, 2022, the company's records showed the following information related to the plan: Pension plan assets Defined benefit obligation All employees are expected to receive benefits under the plan. The company's actuary provided the following information as at December 31, 2023: $304,500 376,500 Current year service cost Past service benefits, granted July 1, 2023 Expected return on assets Actual return on assets Discount rate for DBO Contributions for the year Benefits paid to retirees (a) Defined benefit expense, 2023 $ $49,000 72,000 Defined benefit expense, 2023 11% 9% 11% 35,500 Calculate defined benefit expense for Ivanhoe Inc. for 2023, assuming ASPE is used. 16,900 b) Calculate defined benefit expense for Ivanhoe Inc. for 2023, assuming IFRS is used.
Transcribed Image Text:Ivanhoe Inc. has a defined benefit plan for its employees. On December 31, 2022, the company's records showed the following information related to the plan: Pension plan assets Defined benefit obligation All employees are expected to receive benefits under the plan. The company's actuary provided the following information as at December 31, 2023: $304,500 376,500 Current year service cost Past service benefits, granted July 1, 2023 Expected return on assets Actual return on assets Discount rate for DBO Contributions for the year Benefits paid to retirees (a) Defined benefit expense, 2023 $ $49,000 72,000 Defined benefit expense, 2023 11% 9% 11% 35,500 Calculate defined benefit expense for Ivanhoe Inc. for 2023, assuming ASPE is used. 16,900 b) Calculate defined benefit expense for Ivanhoe Inc. for 2023, assuming IFRS is used.
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