Presented below is information related to Rip-Off Fuels Inc. for calendar year 2019. The corporation uses IFRS.Defined benefit obligation, Jan 1$ 720,000Fair value of plan assets, Jan 1700,000Current service cost90,000Contributions to plan125,000Actual and expected return on plan assets56,000Past service costs (effective Jan 1)10,000Benefits paid to retirees96,000Interest (discount) rate9%The balance of the defined benefit obligation at December 31, 2019 is Select one:a.$ 724,000.b.$ 779,700.c.$ 778,800.d.$ 789,700.e.None of the above.

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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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Presented below is information related to Rip-Off Fuels Inc. for calendar year 2019. The corporation uses IFRS.

Defined benefit obligation, Jan 1	$ 720,000
Fair value of plan assets, Jan 1	700,000
Current service cost	90,000
Contributions to plan	125,000
Actual and expected return on plan assets	56,000
Past service costs (effective Jan 1)	10,000
Benefits paid to retirees	96,000
Interest (discount) rate	9%

The balance of the defined benefit obligation at December 31, 2019 is

Select one:

$ 724,000.

$ 779,700.

$ 778,800.

$ 789,700.

None of the above.

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