Question: Please help Goodday Lid. has a defined benefit pension plan and a December 31 year-end. The following information relates to the plan: Balances : Defined
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Goodday Lid. has a defined benefit pension plan and a December 31 year-end. The following information relates to the plan: Balances : Defined benefit obligation, end of 28X7 $5, 220, 908 Pension plan assets, fair value, end of 28X7 4,800,000 SFP net defined benefit liability, end of 28X7 420,000 cr. SFP accumulated OCI, pension, end of 28X7 69,400 dr. Retained earnings, end of 20x7 8, 604, 460 cr. 20X8 earnings, prior to any pension expense 4, 202,000 cr. Current service cost for 20X8, measured using the projected unit credit method 605, 200 New past service cost granted in 20X8, negative because benefits were reduced and the liability has declined ((342,090) Contributions made to the pension plan assets paid at end of 20X8 420,900 Actuarial gain in 20x8, negative because caused by higher anticipated future mortality rates and the liability has declined (102,090) Actual earnings in the fund, reported by the pension fund trustee, including interest, dividends, and change in fair value 145,300 Benefits paid to pensioners from Pension fund assets paid at end of 20X8 75,400 Interest rate on long-term corporate bonds, end of 20X8 4X Required: Prepare the journal entry to record the third element of pension accounting for the defined benefit plan. That is, calculate remeasurement(s). (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction listJournal entry worksheet 2 Record the actuarial loss or gain due to change in assumptions. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general journalView transaction list Journal entry worksheet 2 Record the experience loss or gain on the fund earnings. Note: Enter debits before credits. Transaction General Journal Debit Credit 2 Record entry Clear entry View general journal
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