Legacy Corporation has the following information available concerning its post- retirement benefit plan for 2023: Assuming Legacy

Question:

Legacy Corporation has the following information available concerning its post- retirement benefit plan for 2023:

Assuming Legacy follows IFRS,

(a) Calculate Legacy’s 2023 post-retirement benefit expense that will be included in net income.

(b) Calculate the post-retirement benefit expense included in net income if Legacy applies ASPE, and describe any disclosure requirements.

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Intermediate Accounting Volume 2

ISBN: 9781119740445

13th Canadian Edition

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Irene M. Wiecek, Bruce J. McConomy

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Question Posted: Jul 04, 2023 08:45 AM

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Legacy Corporation has the following information available concerning its post- retirement benefit plan for 2023: Assuming Legacy

Question:

Current service cost Interest cost on DBO, discount rate at 6% Return on plan assets, using 6% discount rate Actual return on plan assets for 2023 $130,000 65,500 48,000 54,000

Step by Step Answer:

a IFRS The remeasurement gain of 6000 is reported in OCI ...View the full answer

Intermediate Accounting Volume 2

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