Legacy Corporation has the following information available concerning its post retirement benefit plan for Current service cost $130,000 Interest cost on DBO, discount rate at 6 65,500 Return on plan assets, using 6 discount rate 48,000 Actual return on plan assets for 2017 54,000 Assuming Legacy f...

a IFRS Current service cost 130000 Net interestfinance cost 65500 ...

Legacy Corporation has the following information available concerning its post-retirement benefit plan for Current service cost ..............................................

Question:

Legacy has the following information available concerning its post-retirement benefit plan for
Current service cost .............................................. $130,000
Interest cost on DBO, at 6% ....................... 65,500
Return on plan assets, using 6% ................... 48,000
Actual return on plan assets for 2017 .............................. 54,000
Assuming Legacy follows IFRS,
(a) Calculate Legacy's 2017 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.
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may... Discount Rate
Depending upon the context, the discount rate has two different definitions and usages. First, the discount rate refers to the interest rate charged to the commercial banks and other financial institutions for the loans they take from the Federal...