Carla Vista Limited sponsors a defned beneft pension plan, and follows ASPE. The corporation's actuary provides...
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Carla Vista Limited sponsors a defned beneft pension plan, and follows ASPE. The corporation's actuary provides the following information about the plan (in thousands of dollars): January 1, 2020 December 31, 2020 Vested beneft obligation $1.300 $1520 Defined benefit obligation, accounting basis 2.220 2.962 Plan assets (fair value) 1.380 2.082 Interest/discount rate 10% 10% Net defined benefit liability/asset ? ? Past service cost, plan amendment, effective December 30, 2020 360 Service cost for the year 2020 300 Contributions (funding) 2020 620 Benefits paid in 2020 140 Prepare a 2020 pension work sheet (Enter answers in thousands of dollars.) Carla Vista Limited Pension Work Sheet - 2020 (ASPE) General Journal Entries Annual Pension Items Expense Cash Balance, Jan. 1. 2020 (a) Service cost (b) Net interest/finance cost (C) Asset remeasurement gain (d) Past service cost in year (e) Contributions (A Benefits paid Expense entry - 2020 Contribution entry - 2020 Balance. Dec 31, 2020 Prepare the journal entries at December 31, 2020, to record pension expense and the funding contributions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit 2020 (To record pension expense.) 2020 (To record contribution to the pension fund.) eTextbook and Media Question Part Score --/8 > Carla Vista Limited sponsors a defned beneft pension plan, and follows ASPE. The corporation's actuary provides the following information about the plan (in thousands of dollars): January 1, 2020 December 31, 2020 Vested beneft obligation $1.300 $1520 Defined benefit obligation, accounting basis 2.220 2.962 Plan assets (fair value) 1.380 2.082 Interest/discount rate 10% 10% Net defined benefit liability/asset ? ? Past service cost, plan amendment, effective December 30, 2020 360 Service cost for the year 2020 300 Contributions (funding) 2020 620 Benefits paid in 2020 140 Prepare a 2020 pension work sheet (Enter answers in thousands of dollars.) Carla Vista Limited Pension Work Sheet - 2020 (ASPE) General Journal Entries Annual Pension Items Expense Cash Balance, Jan. 1. 2020 (a) Service cost (b) Net interest/finance cost (C) Asset remeasurement gain (d) Past service cost in year (e) Contributions (A Benefits paid Expense entry - 2020 Contribution entry - 2020 Balance. Dec 31, 2020 Prepare the journal entries at December 31, 2020, to record pension expense and the funding contributions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit 2020 (To record pension expense.) 2020 (To record contribution to the pension fund.) eTextbook and Media Question Part Score --/8 >
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Related Book For
Intermediate Accounting Volume 2
ISBN: 9781119497042
12th Canadian edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Irene M. Wiecek, Bruce J. McConomy
Posted Date:
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