Pension data for Sterling Properties include the following: ($ in thousands) Service cost, 2024 $ 115
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Question:
Pension data for Sterling Properties include the following:
($ in thousands) | |
---|---|
Service cost, 2024 | $ 115 |
Projected benefit obligation, January 1, 2024 | 500 |
Plan assets (fair value), January 1, 2024 | 600 |
Prior service cost—AOCI (2024 amortization, $8) | 83 |
Net loss—AOCI (2024 amortization, $1) | 104 |
Interest rate, 7% | |
Expected return on plan assets, 11% | |
Actual return on plan assets, 12% |
Required:
Assume Sterling Properties prepares its financial statements according to International Financial Reporting Standards (IFRS). The interest rate on high-grade corporate bonds is 7%. Determine the net pension cost.
Related Book For
Intermediate Accounting
ISBN: 9781259722660
9th Edition
Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas
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