At the end of the current year, Joshua Co. has a defined benefit obligation of £335,000 and pension plan assets with a fair value of £245,000. The amount of the vested benefits for the plan is £225,000. Joshua has unrecognized past service costs of £24,000 and an unrecognized actuarial gain of £8,300. What amount and account(s) related to its pension plan will be reported on the company’s statement of financial position?
Answer to relevant QuestionsExplain the meaning of the following terms.(a) Contributory plan.(b) Vested benefits.(c) Retroactive benefits.Briefly discuss the convergence efforts that are underway with respect to the accounting for pensions and other postretirement benefits.For 2010, Benjamin Inc. computed its annual postretirement expense as £240,900. Benjamin’s contribution to the plan during 2010 was £160,000. Prepare Benjamin’s 2010 entry to record postretirement expense.The following defined pension data of Doreen Corp. apply to the year 2010.Defined benefit obligation, 1/1/10 (before amendment) ......................................$560,000Plan assets, ...The actuary for the pension plan of Joyce Bush Inc. calculated the following net gains and losses.Unrecognized Net Gain or Loss Incurredduring the Year (Gain) or ...
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