Sunland Corporation is a publicly traded company and follows IFRS. On December 31, 2022. financial records indicated the following information related to the company's defined pension plant. Defined Benefit Obligation $1,370,000 Pension Plan Assets 1.520.000 Sunland Corporation's actuary provided the following information on December 31, 2023 Current year service cost $86.000 Prior service cost granted 1 2023 177.000. Employer contributions for the year 89,000 paid to retirees 27,000. Expected return on assets 5% Actual return an asset 6% Discount rate 5%
Sunland Corporation is a publicly traded company and follows IFRS. On December 31, 2022. financial records indicated the following information related to the company's defined pension plant. Defined Benefit Obligation $1,370,000 Pension Plan Assets 1.520.000 Sunland Corporation's actuary provided the following information on December 31, 2023 Current year service cost $86.000 Prior service cost granted 1 2023 177.000. Employer contributions for the year 89,000 paid to retirees 27,000. Expected return on assets 5% Actual return an asset 6% Discount rate 5%
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
D2.
Transcribed Image Text:Sunland Corporation is a publicly traded company and follows IFRS. On December 31, 2022. financial records indicated
the following information related to the company's defined pension plant.
Defined Benefit Obligation $1,370,000
Pension Plan Assets 1.520.000
Sunland Corporation's actuary provided the following information on December 31, 2023
Current year service cost $86.000
Prior service cost granted 1 2023 177.000.
Employer contributions for the year 89,000
paid to retirees 27,000.
Expected return on assets 5%
Actual return an asset 6 %
Discount rate 5 %
1. Prepare a pension worksheet for Sunland corporation for 2023
Balance January
1,2023
Current service cost
Prior service cost
Net interest /
Finance cost
Asset
Remeasurement
Gain/Loss
Employer
contributions to
pension fund
Benefits paid to
retires from pension
fund
POST JOURNAL
ENT
Remeasurement
Gain/ loss (oci)(show
dr. and cr.)
Defined Benefit
express entry -2023
Net funding entry
Balance December 31,2023
POST
JOURNAL
ENTRIES
Annual
defined
benefit
expense
POST
JOURNAL
ENTRIES
cash
POST
JOURNL
ENTRIES
Net
defined
liability /
assets
Memo
record
Defined
benefit
obligation
Memo
record
Plant
assets
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