Using Excel to Account for Pensions PROBLEM Uvo Corporation is a private company with a defined benefit pension plan. The following information is available for Uvo Corporation for 2023. Opening balance, DBO Student Work Area Required: Provide input into cells shaded in yellow in this template. Use mathematical formulas with cell references to the Problem and work areas as indicated. $ 210,000 Opening balance, plan assets 200,000 Service cost 58,000 Employer contributions paid evenly through 2023 77,000 Applicable interest or discount rate 10% Actual return on plan assets $ 25,000 Actuarial loss due to change in actuarial assumptions 14,000 Assuming that Uvo follows IFRS, determine the 2023 effect of the pension plan on pension expense and the company's shareholders' equity. Display amounts to be subtracted as negative amounts. Average plan assets Defined benefit expense: Current service cost Defined benefit expense Remeasurement gain or loss (OCI): ་ Effect on shareholders' equity
Using Excel to Account for Pensions PROBLEM Uvo Corporation is a private company with a defined benefit pension plan. The following information is available for Uvo Corporation for 2023. Opening balance, DBO Student Work Area Required: Provide input into cells shaded in yellow in this template. Use mathematical formulas with cell references to the Problem and work areas as indicated. $ 210,000 Opening balance, plan assets 200,000 Service cost 58,000 Employer contributions paid evenly through 2023 77,000 Applicable interest or discount rate 10% Actual return on plan assets $ 25,000 Actuarial loss due to change in actuarial assumptions 14,000 Assuming that Uvo follows IFRS, determine the 2023 effect of the pension plan on pension expense and the company's shareholders' equity. Display amounts to be subtracted as negative amounts. Average plan assets Defined benefit expense: Current service cost Defined benefit expense Remeasurement gain or loss (OCI): ་ Effect on shareholders' equity
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Transcribed Image Text:Using Excel to Account for Pensions
PROBLEM
Uvo Corporation is a private company with a defined benefit pension plan. The following
information is available for Uvo Corporation for 2023.
Opening balance, DBO
Student Work Area
Required: Provide input into cells shaded in yellow in this template. Use mathematical
formulas with cell references to the Problem and work areas as indicated.
$
210,000
Opening balance, plan assets
200,000
Service cost
58,000
Employer contributions paid evenly through 2023
77,000
Applicable interest or discount rate
10%
Actual return on plan assets
$
25,000
Actuarial loss due to change in actuarial assumptions
14,000
Assuming that Uvo follows IFRS, determine the 2023 effect of the pension plan on
pension expense and the company's shareholders' equity. Display amounts to be
subtracted as negative amounts.
Average plan assets
Defined benefit expense:
Current service cost
Defined benefit expense
Remeasurement gain or loss (OCI):
་
Effect on shareholders' equity
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