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Intermediate Accounting IFRS 4th Edition
Using the information in E20.12 about Erickson plcs defined benefit

Using the information in E20.12 about Erickson plcs defined benefit pension plan, prepare a 2022 pension worksheet

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Using the information in E20.12 about Erickson plc’s defined benefit pension plan, prepare a 2022 pension worksheet with supplementary schedules of computations. Prepare the journal entries at December 31, 2022, to record pension expense and related pension transactions. Also, indicate the pension amounts reported in the statement of financial position.

E20.12

Erickson plc sponsors a defined benefit pension plan. The company’s actuary provides the following information about the plan.

Transcribed Image Text:

January 1, December 31, 2022 2022 Vested benefit obligation £1,500 £1,900 Accumulated benefit obligation 1,900 2,730 Defined benefit obligation 2,500 3,300 Plan assets (fair value) 1,700 2,620 Discount (interest) rate 10% Pension liability 800 ? Service cost for the year 2022 400 Contributions (funding in 2022) 700 Benefits paid in 2022 200

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To prepare a 2022 pension worksheet for Erickson plcs defined benefit pension plan we need to calculate and summarize the following items Service cost The cost of the benefits earned by employees duri...View the full answer

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Intermediate Accounting IFRS

ISBN: 9781119607519

4th Edition

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield

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Question Posted: Aug 04, 2021 01:51 AM

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