Throughout the calendar year 2020, Kali Corporation has 400,000 common shares outstanding (no preferred shares issued). In
Question:
Instructions
Calculate basic and diluted earnings per share for 2020.
Question # 5
On January 1, 2019, Hulk Ltd. reported the following balances relating to their defined benefit pension plan:
Defined benefit obligation............................................... $1,600,000
Fair value of plan assets............................................... 1,600,000
Other data related to the pension plan for calendar 2019 are:
Current service cost..................................................... 80,000
Contributions to the plan................................................ 120,000
Benefits paid.................................................................. 100,000
Actual return on plan assets......................................... 96,000
Interest (discount) rate.................................................. 10%
Instructions
a. Calculate pension expense for 2019.
b. Prepare the journal entries to record the pension expense and the contributions for 2019.
Financial Accounting Tools for Business Decision Making
ISBN: 978-1118644942
6th Canadian edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine