The following defined benefit pension data of Carla Vista Corp. apply to the year 2020:Defined benefit obligation, funding basis, 1/1/20 (before amendment) $419,000 Plan assets, 1/1/20 408,600 Net defined benefit liability, 1/1/20 10,400 On January 1, 2020, Carla Vista Corp., through a plan amendment, grantedprior service benefits having a present value of 53,300 Interest/discount rate 9% Annual pension service cost 43,500 Contributions (funding) 41,400 Actual return on plan assets 39,300 Benefits paid to retirees 30,100 The company applies ASPE and has made an accounting policy choice to base its actuarial valuation of the DBO on the funding basis. New attempt is in progress. Some of the new entries may impact the last attempt grading.Your answer is partially correct.Prepare a continuity schedule for the DBO for 2020. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)Carla Vista Corp.Continuity Schedulechoose the accounting period For the Year Ended December 31, 2020For the Month Ended December 31, 2020December 31, 2020select an opening name Defined Benefit Obligation, 1/1/20Defined Benefit Obligation, 12/31/20Benefits Paid OutPast Service CostCurrent Service CostInterest Cost $enter a dollar amount select an item Interest CostDefined Benefit Obligation, 1/1/20Past Service CostCurrent Service CostDefined Benefit Obligation, 12/31/20Benefits Paid Out enter a dollar amount enter a subtotal of the two previous amounts select an item Interest CostPast Service CostDefined Benefit Obligation, 12/31/20Defined Benefit Obligation, 1/1/20Benefits Paid OutCurrent Service Cost enter a dollar amount select an item Defined Benefit Obligation, 1/1/20Benefits Paid OutInterest CostDefined Benefit Obligation, 12/31/20Past Service CostCurrent Service Cost enter a dollar amount select an item Interest CostDefined Benefit Obligation, 1/1/20Current Service CostDefined Benefit Obligation, 12/31/20Past Service CostBenefits Paid Out enter a dollar amount select a closing name Defined Benefit Obligation, 1/1/20Defined Benefit Obligation, 12/31/20Current Service CostBenefits Paid OutPast Service CostInterest Cost $enter a total amount Partially correct answer iconYour answer is partially correct.Prepare a continuity schedule for the plan assets for 2020. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)Carla Vista Corp.Continuity Schedulechoose the accounting period For the Year Ended December 31, 2020For the Month Ended December 31, 2020December 31, 2020select an opening name Plan Assets, 1/1/20Actual Return on Plan AssetsBenefits Paid OutContributionsPlan Assets, 12/31/20 $enter a dollar amount select an item Actual Return on Plan AssetsContributionsPlan Assets, 12/31/20Benefits Paid OutPlan Assets, 1/1/20 enter a dollar amount select an item ContributionsPlan Assets, 1/1/20Actual Return on Plan AssetsPlan Assets, 12/31/20Benefits Paid Out enter a dollar amount select an item ContributionsBenefits Paid OutPlan Assets, 1/1/20Plan Assets, 12/31/20Actual Return on Plan Assets enter a dollar amount select a closing name Plan Assets, 12/31/20Plan Assets, 1/1/20ContributionsBenefits Paid OutActual Return on Plan Assets $enter a total amount Partially correct answer iconYour answer is partially correct.Calculate pension expense for 2020Pension expense $enter Pension expense in dollars

Interest Cost : Beginning projected benefit obligation x Discount rate = $419,000 x 0.09 = $37,710

Answered: The following defined benefit pension…

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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The following defined benefit pension data of Carla Vista Corp. apply to the year 2020:

Defined benefit obligation, funding basis, 1/1/20 (before amendment)		$419,000
Plan assets, 1/1/20		408,600
Net defined benefit liability, 1/1/20		10,400
On January 1, 2020, Carla Vista Corp., through a plan amendment, granted prior service benefits having a present value of		53,300
Interest/discount rate		9%
Annual pension service cost		43,500
Contributions (funding)		41,400
Actual return on plan assets		39,300
Benefits paid to retirees		30,100

The company applies ASPE and has made an accounting policy choice to base its actuarial valuation of the DBO on the funding basis.

New attempt is in progress. Some of the new entries may impact the last attempt grading.Your answer is partially correct.

Prepare a continuity schedule for the DBO for 2020. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

Carla Vista Corp. Continuity Schedule choose the accounting period For the Year Ended December 31, 2020For the Month Ended December 31, 2020December 31, 2020
select an opening name Defined Benefit Obligation, 1/1/20Defined Benefit Obligation, 12/31/20Benefits Paid OutPast Service CostCurrent Service CostInterest Cost		$enter a dollar amount
select an item Interest CostDefined Benefit Obligation, 1/1/20Past Service CostCurrent Service CostDefined Benefit Obligation, 12/31/20Benefits Paid Out		enter a dollar amount
		enter a subtotal of the two previous amounts
select an item Interest CostPast Service CostDefined Benefit Obligation, 12/31/20Defined Benefit Obligation, 1/1/20Benefits Paid OutCurrent Service Cost		enter a dollar amount
select an item Defined Benefit Obligation, 1/1/20Benefits Paid OutInterest CostDefined Benefit Obligation, 12/31/20Past Service CostCurrent Service Cost		enter a dollar amount
select an item Interest CostDefined Benefit Obligation, 1/1/20Current Service CostDefined Benefit Obligation, 12/31/20Past Service CostBenefits Paid Out		enter a dollar amount
select a closing name Defined Benefit Obligation, 1/1/20Defined Benefit Obligation, 12/31/20Current Service CostBenefits Paid OutPast Service CostInterest Cost		$enter a total amount

Partially correct answer iconYour answer is partially correct.

Prepare a continuity schedule for the plan assets for 2020. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

Carla Vista Corp. Continuity Schedule choose the accounting period For the Year Ended December 31, 2020For the Month Ended December 31, 2020December 31, 2020
select an opening name Plan Assets, 1/1/20Actual Return on Plan AssetsBenefits Paid OutContributionsPlan Assets, 12/31/20		$enter a dollar amount
select an item Actual Return on Plan AssetsContributionsPlan Assets, 12/31/20Benefits Paid OutPlan Assets, 1/1/20		enter a dollar amount
select an item ContributionsPlan Assets, 1/1/20Actual Return on Plan AssetsPlan Assets, 12/31/20Benefits Paid Out		enter a dollar amount
select an item ContributionsBenefits Paid OutPlan Assets, 1/1/20Plan Assets, 12/31/20Actual Return on Plan Assets		enter a dollar amount
select a closing name Plan Assets, 12/31/20Plan Assets, 1/1/20ContributionsBenefits Paid OutActual Return on Plan Assets		$enter a total amount

Partially correct answer iconYour answer is partially correct.

Calculate pension expense for 2020

Pension expense

$enter Pension expense in dollars

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