Question 10-pensioneSelected Information about the pension plan of Orange Co. is as follows:31/12/201931/12/2020Defined benefit obligationFair value of plan assets5,100,0004,850,0004,800,5004,800,000Pension expense1,500,0101,780,000Contribution1,000,0001,500,000Discount rate (for year)7%6%Required(a) → Calculate the Pension Asset/ Liability at December 31, 2020.(b) - Prepare the entry for 2020 to record the pension expense and contribution.

Defined benefit obligation is the term used for projected benefit obligation in IFRS. It denotes the…

Question 10-pension Selected Information about the pension plan of Orange Co. is as follows: 31/12/2019 31/12/2020 4,850,000 4,800,000 1,780,000 1,500,000 6% Defined benefit obligation Fair value of plan assets Pension expense 5,100,000 4,800,500 1,500,010 1,000,000 Contribution Discount rate (for year) 7% Required (a) → Calculate the Pension Asset/ Liability at December 31, 2020. (b) - Prepare the entry for 2020 to record the pension expense and contribution.

Question 10-pension Selected Information about the pension plan of Orange Co. is as follows: 31/12/2019 31/12/2020 4,850,000 4,800,000 1,780,000 1,500,000 6% Defined benefit obligation Fair value of plan assets Pension expense 5,100,000 4,800,500 1,500,010 1,000,000 Contribution Discount rate (for year) 7% Required (a) → Calculate the Pension Asset/ Liability at December 31, 2020. (b) - Prepare the entry for 2020 to record the pension expense and contribution.

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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Bahamasair. has three defined benefit pension plans as follows. Projected Benefit Obligation Pension Assets (at Fair Value) Plan X $600,000 900,000 550,000 $500,000 720,000 700,000 Plan Y Plan Z Using Tabular form calculate Pension Asset/Liability. What amount is reported on it Balance Sheet
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