Sandhill Corporation is a private company with a defined benefit pension plan. The following information is...
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Sandhill Corporation is a private company with a defined benefit pension plan. The following information is available for Sandhill Corporation for 2020; Opening balance, DBO Opening balance, plan assets Service cost Employer contributions paid evenly through 2020 Applicable interest or discount rate Actual return on plan assets Actuarial loss due to change in actuarial assumptions $250,000 238,000 69,000 91.500 on plan results in total pension expense and a related 10 % 29,500 16,700 Assuming that Sandhill follows ASPE, determine the 2020 effect of the pension plan on pension expense and the company's shareholders' equity. decrease in the net income and shareholders equity by $ Sandhill Corporation is a private company with a defined benefit pension plan. The following information is available for Sandhill Corporation for 2020; Opening balance, DBO Opening balance, plan assets Service cost Employer contributions paid evenly through 2020 Applicable interest or discount rate Actual return on plan assets Actuarial loss due to change in actuarial assumptions $250,000 238,000 69,000 91.500 on plan results in total pension expense and a related 10 % 29,500 16,700 Assuming that Sandhill follows ASPE, determine the 2020 effect of the pension plan on pension expense and the company's shareholders' equity. decrease in the net income and shareholders equity by $
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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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