The following information is available for WJB Corporation's defined benefit pension plan:Defined benefit obligation, opening balance, accounting basisFair value of plan assetsCurrent service costDiscount rateActual return earned on plan assetsContributions (funding)Benefits paid to retirees(a)20232024Your answer is partially correct.2025Asset/LiabilityLiabilityLiability2023Liability175,000165,000Amount35,0007%8%44,00022,2002024??$47,2507%6%44,000On January 1, 2023, WJB amended its pension plan, resulting in past service costs with a present value of $78,400.25,9002025?Calculate the pension plan's surplus or deficit and the pension liability or asset reported on the December 31, 2023, 2024, and2025 statements of financial position assuming that WJB accounts for its pension plan under ASPE. (Round answers to O decimalplaces, e.g. 5,275.)?$52,5007%7%44,00030,300

Defined benefit obligation -The term "defined benefit obligation" refers to the total present value…

The following information is available for WJB Corporation's defined benefit pension plan: Defined benefit obligation, opening balance, accounting basis Fair value of plan assets Current service cost Discount rate Actual return earned on plan assets Contributions (funding! 2023 175,000 165,000 35,000 7% 8% 14.000 2024 ? ? $47,250 7% 6% 14.000 2025 ? ? $52,500 7% 7% 14.000

The following information is available for WJB Corporation's defined benefit pension plan: Defined benefit obligation, opening balance, accounting basis Fair value of plan assets Current service cost Discount rate Actual return earned on plan assets Contributions (funding! 2023 175,000 165,000 35,000 7% 8% 14.000 2024 ? ? $47,250 7% 6% 14.000 2025 ? ? $52,500 7% 7% 14.000

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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Subject: acounting
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D
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