The following information is available for ACME Incorporated's defined benefit pension plan for the year ended...
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The following information is available for ACME Incorporated's defined benefit pension plan for the year ended December 31, 2021, assume that the funding valuation is equal to the accounting valuation for plan assets. Defined benefit obligation, opening balance Fair value of plan assets, opening balance AOCI - pension remeasurements, opening balance (credit) Current service cost Interest on defined benefit obligation Expected return earned on plan assets Actual return on plan assets Contributions (funding) paid June 30 Benefits paid to retirees (paid evenly throughout the year) Past service cost due to plan amendment December 31 Actuarial mortality revaluation (increase in liability), Dec. 31 Required: $ 220,000 155,000 15,000 57,000 6,860 13,860 11,880 66,000 54,000 110,000 12,000 1. Using the information provided above, complete a pension worksheet under IFRS. (9 marks) 2. Using the pension worksheet, prepare the required journal entries for the pension plan. (6 marks) The following information is available for ACME Incorporated's defined benefit pension plan for the year ended December 31, 2021, assume that the funding valuation is equal to the accounting valuation for plan assets. Defined benefit obligation, opening balance Fair value of plan assets, opening balance AOCI - pension remeasurements, opening balance (credit) Current service cost Interest on defined benefit obligation Expected return earned on plan assets Actual return on plan assets Contributions (funding) paid June 30 Benefits paid to retirees (paid evenly throughout the year) Past service cost due to plan amendment December 31 Actuarial mortality revaluation (increase in liability), Dec. 31 Required: $ 220,000 155,000 15,000 57,000 6,860 13,860 11,880 66,000 54,000 110,000 12,000 1. Using the information provided above, complete a pension worksheet under IFRS. (9 marks) 2. Using the pension worksheet, prepare the required journal entries for the pension plan. (6 marks)
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Answer rating: 100% (QA)
a Pension Worksheet As of December 31 2021 Defined benefit obligation Beginning balance 220000 Servi... 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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