The following information regarding Buffalo Ltd.’s defined benefit pension plan was taken from the company’s records for 2020:Defined Benefit Obligation, January 1 $9,941,000Actual return on plan assets 434,000Benefits paid to retirees 848,000Current year service cost 1,210,000Interest cost 496,000Employer contributions for the year 998,000Pension Plan Assets, January 1 8,832,000 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).)

A continuity schedule report is a useful tool for tracking asset activities on a monthly basis. It…

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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 information regarding Buffalo Ltd.’s defined benefit pension plan was taken from the company’s records for 2020:

Defined Benefit Obligation, January 1		$9,941,000
Actual return on plan assets		434,000
Benefits paid to retirees		848,000
Current year service cost		1,210,000
Interest cost		496,000
Employer contributions for the year		998,000
Pension Plan Assets, January 1		8,832,000

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).)

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