Sunland Inc. provides the following information related to its post-retirement health-care benefits for the year 2020: Defined post–retirement benefit obligation at January 1, 2020 $114,000 Plan assets, January 1, 2020 45,800 Actual return on plan assets, 2020 4,000 Discount rate 11% Service cost, 2020 56,200 Plan funding during 2020 22,200 Payments from plan to retirees during 2020 6,200 Actuarial loss on defined post-retirement benefit obligation, 2020 (end of year) 26,300 Sunland Inc. follows IFRS. Calculate the post–retirement benefit expense for 2020. Post–retirement benefit expense 2020 $enter the Post–retirement benefit expense in dollars eTextbook and Media Calculate the post-retirement benefit remeasurement gain or loss—other comprehensive income (OCI) for 2020. Post-retirement benefit remeasurement select an option gainloss (OCI) $enter the Post-retirement benefit remeasurement in dollars eTextbook and Media Determine the December 31, 2020 balance of the plan assets, defined post-retirement benefit obligation, and the plan surplus or deficit. Plan assets, 12/31/20 $enter a dollar amount Defined post-retirement benefit obligation $enter a dollar amount Plan select an option deficitsurplus $enter a dollar amount
Sunland Inc. provides the following information related to its post-retirement health-care benefits for the year 2020: Defined post–retirement benefit obligation at January 1, 2020 $114,000 Plan assets, January 1, 2020 45,800 Actual return on plan assets, 2020 4,000 Discount rate 11% Service cost, 2020 56,200 Plan funding during 2020 22,200 Payments from plan to retirees during 2020 6,200 Actuarial loss on defined post-retirement benefit obligation, 2020 (end of year) 26,300 Sunland Inc. follows IFRS. Calculate the post–retirement benefit expense for 2020. Post–retirement benefit expense 2020 $enter the Post–retirement benefit expense in dollars eTextbook and Media Calculate the post-retirement benefit remeasurement gain or loss—other comprehensive income (OCI) for 2020. Post-retirement benefit remeasurement select an option gainloss (OCI) $enter the Post-retirement benefit remeasurement in dollars eTextbook and Media Determine the December 31, 2020 balance of the plan assets, defined post-retirement benefit obligation, and the plan surplus or deficit. Plan assets, 12/31/20 $enter a dollar amount Defined post-retirement benefit obligation $enter a dollar amount Plan select an option deficitsurplus $enter a dollar amount
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Sunland Inc. provides the following information related to its post-retirement health-care benefits for the year 2020:
Sunland Inc. follows IFRS.
| Defined post–retirement benefit obligation at January 1, 2020 | $114,000 | ||
| Plan assets, January 1, 2020 | 45,800 | ||
| Actual return on plan assets, 2020 | 4,000 | ||
| Discount rate | 11% | ||
| Service cost, 2020 | 56,200 | ||
| Plan funding during 2020 | 22,200 | ||
| Payments from plan to retirees during 2020 | 6,200 | ||
| Actuarial loss on defined post-retirement benefit obligation, 2020 (end of year) | 26,300 |
Sunland Inc. follows IFRS.
Calculate the post–retirement benefit expense for 2020.
| Post–retirement benefit expense 2020 | $enter the Post–retirement benefit expense in dollars |
eTextbook and Media
Calculate the post-retirement benefit remeasurement gain or loss—other comprehensive income (OCI) for 2020.
| Post-retirement benefit remeasurement select an option gainloss (OCI) | $enter the Post-retirement benefit remeasurement in dollars |
eTextbook and Media
Determine the December 31, 2020 balance of the plan assets, defined post-retirement benefit obligation, and the plan surplus or deficit.
|
Plan assets, 12/31/20
|
$enter a dollar amount | ||
|---|---|---|---|
|
Defined post-retirement benefit obligation
|
$enter a dollar amount | ||
|
Plan select an option deficitsurplus
|
$enter a dollar amount |
eTextbook and Media
Determine the balance of the net post–retirement benefit liability/asset account on the December 31, 2020 SFP.
| Net post–retirement benefit select an option assetliability | $enter a dollar amount |
eTextbook and Media
Is there a need to reconcile the plan surplus or deficit with the amount reported on the SFP at December 31, 2020?
select an option NoYes
select an option NoYes
eTextbook and Media
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