REQUIRED: A. Prepare a 2022 pension work sheet for Wilmington Ltd. 8. Calculate pension expense for the 2022 fiscal year. C. Determine the balance of the net defined benefit liability/asset reported on the December 31, 2022 balance sheet. D. Prepare the journal entries to record the pension expense and pension funding for the year.
REQUIRED: A. Prepare a 2022 pension work sheet for Wilmington Ltd. 8. Calculate pension expense for the 2022 fiscal year. C. Determine the balance of the net defined benefit liability/asset reported on the December 31, 2022 balance sheet. D. Prepare the journal entries to record the pension expense and pension funding for the year.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Ff.64.
![The following information is available for Wilmington Ltd.'s pension plan for the 2022 fiscal year:
Defined benefit obligation - As at January 1, 2022 on an accounting basis, before plan amendment
Fair value of plan assets as at January 1, 2022
Current service cost
Discount rate
Actual return on plan assets
Contributions (funding)
Benefits paid to retirees
REQUIRED:
On January 1, 2022, Wilmington Ltd. amended its pension plan, resulting in past service costs with a present value of $150,325. Wilmington follows ASPE.
A. Prepare a 2022 pension work sheet for Wilmington Ltd.
B. Calculate pension expense for the 2022 fiscal year.
257,750
335,100
63,600
12.5%
C. Determine the balance of the net defined benefit liability/asset reported on the December 31, 2022 balance sheet.
D. Prepare the journal entries to record the pension expense and pension funding for the year.
10.25%
79,430
43,950](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb6588464-7684-43f4-ab2f-25231373e98c%2F5328063e-d336-4d21-9ff5-e6802eb0e18c%2Fqln88a_processed.jpeg&w=3840&q=75)
Transcribed Image Text:The following information is available for Wilmington Ltd.'s pension plan for the 2022 fiscal year:
Defined benefit obligation - As at January 1, 2022 on an accounting basis, before plan amendment
Fair value of plan assets as at January 1, 2022
Current service cost
Discount rate
Actual return on plan assets
Contributions (funding)
Benefits paid to retirees
REQUIRED:
On January 1, 2022, Wilmington Ltd. amended its pension plan, resulting in past service costs with a present value of $150,325. Wilmington follows ASPE.
A. Prepare a 2022 pension work sheet for Wilmington Ltd.
B. Calculate pension expense for the 2022 fiscal year.
257,750
335,100
63,600
12.5%
C. Determine the balance of the net defined benefit liability/asset reported on the December 31, 2022 balance sheet.
D. Prepare the journal entries to record the pension expense and pension funding for the year.
10.25%
79,430
43,950
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