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Intermediate Accounting Volume 1
Refer to the information in E19.16 and assume Opsco Corp.

Refer to the information in E19.16 and assume Opsco Corp. applies IFRS. Instructions Complete a post-retirement work

Question:

Refer to the information in E19.16 and assume Opsco Corp. applies IFRS.

Instructions

Complete a post-retirement work sheet for 2020, and prepare all required journal entries related to the plan made by Opsco in 2020.

Data From E19.16.

Opsco Corp. provides the following information about its post-retirement health-care benefit plan for the year 2020:

Current service cost $ 202,500 Contribution to the plan 47,250 Actual return on plan assets Benefits paid 141,750 90,000 Plan assets at January 1, 2020 1,597,500 Defined post-retirement benefit obligation at January 1, 2020 1,822,500 Discount rate 9%

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Current service cost $ 202,500 Contribution to the plan 47,250 Actual return on plan assets Benefits paid 141,750 90,000 Plan assets at January 1, 2020 1,597,500 Defined post-retirement benefit obligation at January 1, 2020 1,822,500 Discount rate 9%

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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

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Question Posted: Jul 02, 2020 03:56 AM

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Refer to the information in E19.16 and assume Opsco Corp. applies IFRS. Instructions Complete a post-retirement work

Question:

Current service cost $ 202,500 Contribution to the plan 47,250 Actual return on plan assets Benefits paid 141,750 90,000 Plan assets at January 1, 2020 1,597,500 Defined post-retirement benefit obligation at January 1, 2020 1,822,500 Discount rate 9%

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Opsco Corp Postretirement Benefit Plan Worksheet 2020 IFRS General Journal Entry Memo Record Remeas ...View the full answer

Intermediate Accounting Volume 2

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