Sandhill Corporation reports the following January 1, 2023 balances for its defined benefit pension plan, which it accounts for under IFRS: plan assets, $460,000; defined benefit obligation, $460,000. Other data relating to three years of operation of the plan are as follows: 2023 2024 2025 Annual service cost $34,800 $43,700 $58,600 Discount rate 10% 10% 10% Actual return on plan assets 37,100 50,040 54,000 Funding of current service cost 34,800 43,700 58,600 Funding of past service cost 74,000 78,500 Benefits paid 31,500 37,490 49,000 Past service cost (plan amended, 1/1/24) 348,000 Change in actuarial assumptions establishes a December 31, 2025 defined benefit obligation of 1,196,000

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Employee Benefits

In an organization employees are the most important resource and most important asset. They can lead an organization to the sky or can be the reason for unsuccessful of business. Therefore, it is very much important that employees of an organization should be satisfied by the environment of the organization and most importantly with the salary, wages incentives, etc.