Moreton Ltd contributes to a defined benefit superannuation plan for its employees. The following information is available for the plan at 30 June 2020. Fair value of plan assets (1/7/2019) Return on plan assets Fair value of plan assets (30/6/2020) Present value of defined benefit obligation (1/7/2019) Present value of defined benefit obligation (30/6/2020) Benefits paid $10 484 000 $733 880 $10 948 000 $10 244 120 $10 654 000 $324 000 The rate of return on plan assets for the financial period is 7% and the discount rate at 1 July 2019 is 6%. REQUIRED: Select the most appropriate accounting treatments and amounts for two following statements. • At 30 June 2020, the net defined benefit is a(n) v with a balance of • For the financial year ended on 30 June 2020, Moreton Ltd should recognise an actuarial v on the plan assets at an amount of

Moreton Ltd contributes to a defined benefit superannuation plan for its employees. The following information is available for the plan at 30 June 2020. Fair value of plan assets (1/7/2019) Return on plan assets Fair value of plan assets (30/6/2020) Present value of defined benefit obligation (1/7/2019) Present value of defined benefit obligation (30/6/2020) Benefits paid $10 484 000 $733 880 $10 948 000 $10 244 120 $10 654 000 $324 000 The rate of return on plan assets for the financial period is 7% and the discount rate at 1 July 2019 is 6%. REQUIRED: Select the most appropriate accounting treatments and amounts for two following statements. • At 30 June 2020, the net defined benefit is a(n) v with a balance of • For the financial year ended on 30 June 2020, Moreton Ltd should recognise an actuarial v on the plan assets at an amount of

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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