Jaxxen Exports Ltd. provided the following pension plan information: Required: a. Calculate the expected value of the
Question:
Jaxxen Exports Ltd. provided the following pension plan information:
Required:
a. Calculate the expected value of the obligation on December 31, 2021.
b. Prepare the journal entry to account for the deviation between the expected and actual value of the plan obligation at year-end.
Transcribed Image Text:
Present value of plan obligations, December 31, 2020 Plan amendment effective January 1, 2021 Current service costs-accrued at end of year Benefits paid to retirees-end of year Actual value of plan obligations, December 31, 2021 Interest costs on opening balance $6,854,500 1,450,000 500,000 420,000 8,772,000 4.0%
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