Pension data for Sterling Properties include the following: (S in thousands) Service cost, 2024 S 131 Projected benefit obligation, January 1, 2024 450 Plan assets (fair value), January 1, 2024 500 Prior service cost-AOCI (2024 amortization, $9) 100 Net loss-AOCI (2024 amortization, S1) 121 Interest rate, 8% Expected return on plan assets, 12% Actual return on plan assets, 13% Required: Assume Sterling Properties prepares its financial statements according to International Financial Reporting Standards (IFRS). The interest rate on high-grade corporate bonds is 8%. Determine the net pension cost. Note: Enter your answer in thousands (i.e., 10,000 should be entered as 10).
Pension data for Sterling Properties include the following: (S in thousands) Service cost, 2024 S 131 Projected benefit obligation, January 1, 2024 450 Plan assets (fair value), January 1, 2024 500 Prior service cost-AOCI (2024 amortization, $9) 100 Net loss-AOCI (2024 amortization, S1) 121 Interest rate, 8% Expected return on plan assets, 12% Actual return on plan assets, 13% Required: Assume Sterling Properties prepares its financial statements according to International Financial Reporting Standards (IFRS). The interest rate on high-grade corporate bonds is 8%. Determine the net pension cost. Note: Enter your answer in thousands (i.e., 10,000 should be entered as 10).
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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