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 257,750 Fair value of plan assets as at January 1, 2022 335,100 Current service cost 63,600 Discount rate 12.5% Actual return on plan assets 10.25% Contributions (funding) 79,430 Benefits paid to retirees 43,950 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. REQUIRED: A. Prepare a 2022 pension work sheet for Wilmington Ltd. B. 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. Be sure to show all of your work and calculations! You may round all calculations to ZERO decimal places.

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 257,750 Fair value of plan assets as at January 1, 2022 335,100 Current service cost 63,600 Discount rate 12.5% Actual return on plan assets 10.25% Contributions (funding) 79,430 Benefits paid to retirees 43,950 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. REQUIRED: A. Prepare a 2022 pension work sheet for Wilmington Ltd. B. 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. Be sure to show all of your work and calculations! You may round all calculations to ZERO decimal places.

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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