On January 1, 2021, Benefactor Corporation reported the following balances related to their defined benefit pension...
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On January 1, 2021, Benefactor Corporation reported the following balances related to their defined benefit pension plan: Fair value of plan assets Defined benefit obligation Other data related to the pension plan for the 2021 year follows: Current service cost Contributions to the plan Benefits paid Actual return on plan assets Past service cost, granted December 31, 2021 Defined benefit obligation at December 31, 2021 Interest/discount rate on the defined benefit obligation and plan assets Assume that Benefactor Corporation has a December 31 year end and follows IFRS. $ $ esis es eses es $ $ $ 1,447,964 1,477,514 73,876 177,302 163,118 72,398 118,201 1,581,416 7% Required: 1. Prepare a pension worksheet for Benefactor Corporation for the year ended December 31, 2021. (9.5 marks) 2. Prepare the journal entries required by Benefactor Corporation for the pension plan in 2021. (2.5 marks) 3. Determine the funded status of the plan at December 31, 2021. (1 mark) 4. Prepare the necessary journal entries for the pension for 2021 if Benefactor Corporation follows ASPE instead of IFRS. A pension worksheet is not required. (2 marks) On January 1, 2021, Benefactor Corporation reported the following balances related to their defined benefit pension plan: Fair value of plan assets Defined benefit obligation Other data related to the pension plan for the 2021 year follows: Current service cost Contributions to the plan Benefits paid Actual return on plan assets Past service cost, granted December 31, 2021 Defined benefit obligation at December 31, 2021 Interest/discount rate on the defined benefit obligation and plan assets Assume that Benefactor Corporation has a December 31 year end and follows IFRS. $ $ esis es eses es $ $ $ 1,447,964 1,477,514 73,876 177,302 163,118 72,398 118,201 1,581,416 7% Required: 1. Prepare a pension worksheet for Benefactor Corporation for the year ended December 31, 2021. (9.5 marks) 2. Prepare the journal entries required by Benefactor Corporation for the pension plan in 2021. (2.5 marks) 3. Determine the funded status of the plan at December 31, 2021. (1 mark) 4. Prepare the necessary journal entries for the pension for 2021 if Benefactor Corporation follows ASPE instead of IFRS. A pension worksheet is not required. (2 marks)
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Working note 1Present value of defined obligationPVDBO Date 31122021 31122021 31122021 311220... View the full answer
Related Book For
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
Posted Date:
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