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- Please don't provide handwriting solutionQuestion 4: (Maximum 300 words ) Critically evaluate the three measurement approaches under IFRS 17 for different types of insurance contracts that would be applicable with effect from January 1, 2023, unless the Insurance Companies opt for an early adoption.Actuary and trustee reports indicate the following changes in the PBO and plan assets of Lakeside Cable during 2024: Prior service cost at January 1, 2024, from plan amendment at the beginning of 2022 (amortization: $4 million per year) Net loss-pensions at January 1, 2024 (previous losses exceeded previous gains) Average remaining service life of the active employee group Actuary's discount rate ($ in millions) Beginning of 2024 Service cost Interest cost, 8% Loss (gain) on PBO Less: Retiree benefits End of 2024 Beginning of 2025 Service cost PBO $ 300 48 Interest cost, 8% Loss (gain) on PBO Less: Retiree benefits End of 2025 24 (2) (20) $ 350 PBO $ 350 38 28 5 Assume the following actuary and trustee reports indicating changes in the PBO and plan assets of Lakeside Cable during 2025: ($ in millions) (16) Beginning of 2024 Return on plan assets, 7.5% (10% expected) $ 405 Cash contributions Less: Retiree benefits End of 2024 Beginning of 2025 Return on plan assets, 15% (10% expected) $…
- 7Give the answer of both 59&60 compulsory plzzHelp me with calculation for require 2, 3 Panther Company currently sponsors a defined benefit pension plan for its employees. At the end of 2019, the plan had a projected benefit obligation of $1,456,000 and fair value of plan assets of $1,629,000. Panther recognized a net pension asset in its balance sheet of $173,000 at the end of 2019. Due to the plans overfunded position, Allison Costello, Panther’s CFO, is interested in finding out if it is possible to settle or curtail the plan. Specifically, she is interested in purchasing a portfolio of high-quality bonds that have principal and interest payment dates very similar to the estimated dates pension benefits would be paid. required: Can the company recognize a gain or loss if it settles its pension plan? What is the amount of the gain or loss? Can the company recognize a gain or loss if it curtails its pension plan? What is the amount of the gain or loss?
- The Claims Made Policy Form will pay for looses that occur at which of the following times? After the expiration date of the policy Before the retroactive date, and reported during the policy term During the policy term, and presented after the policy term After the expiration date, and reported during the policy termplease do not provide soltion in image format thank you!Not a graded assignment. pls dont give me wrong answer
- Problem 1: The following selected post-retirement benefit accounts were lifted from the 2021 unadjusted trial balance of EMM Corp. No adjusting entry had been made yet at year end in relation to the post- retirement benefits related accounts. Prepaid Pension Expense, January 1, 2021 Pension expense for 2021, amount contributed to the plan 493,900 500,000 Additional information: The memorandum account balances and other off-books transactions are as follows: Plan asset at fair market value, January 1, 2021 Accumulated benefit obligation at present value, January 1, 2021 Payments to retirees at scheduled retirement in 2021 Payments to early retirees (settlement price) in 2021 Carrying value of accrued benefits of early retirees in 2021 P 3,245,400 P 2,751,500 P 350,000 P 300,000 P 220,000 P 535,000 P 275,000 Current service cost Past service cost recognized in the current year Settlement rate 12% Plan asset at fair market value, December 31, 2021 Accumulated benefit obligation at present…Bridgeport Inc. has two temporary differences at the end of 2019. The first difference stems from installment sales, and the second one results from the accrual of a loss contingency. Bridgeport’s accounting department has developed a schedule of future taxable and deductible amounts related to these temporary differences as follows. 2020 2021 2022 2023 Taxable amounts $41,300 $50,000 $61,200 $72,600 Deductible amounts (14,000 ) (18,300 ) $41,300 $36,000 $42,900 $72,600 As of the beginning of 2019, the enacted tax rate is 34% for 2019 and 2020, and 20% for 2021–2024. At the beginning of 2019, the company had no deferred income taxes on its balance sheet. Taxable income for 2019 is $548,000. Taxable income is expected in all future years. (a) Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2019. (Credit account…On January 1,2019, Agri LTD sold a machine for $10,000, with a 2 year warranty guarantee that the machine was free from any defects. The customer also purchased a 1-year extended warranty for the machine for additional $50. In which year, should Agri Ltd receive the revenue earned from the 1-year extended warranty? a)2019 b) 2020 c) 2021 d) 2022 e) None of the above