The following information is available forWilmington Ltd.'s pension plan for the 2022 fiscal year: Defined benefit obligation
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Question:
The following information is available forWilmington Ltd.'s pension plan for the 2022 fiscal year: | |||||
Defined benefit obligation - As at January 1, 2022 on an accounting basis, before plan amendment | 257.750 | ||||
Fair value of plan assets as at January 1, 2022 | 335.100 | ||||
Current service cost | 63.600 | ||||
Discount rate | 12,5% | ||||
Actual return on plan assets | 10,25% | ||||
Contributions (funding) | 79.430 | ||||
Benefits paid to retirees | 43.950 | ||||
On January 1, 2022,Wilmington Ltd. amended its pension plan, resulting in past service costs with a present value of $150,325.Wilmington follows ASPE. | |||||
REQUIRED: | |||||
A. Prepare a 2022 pension work sheet forWilmington Ltd. | |||||
B. Calculate pension expense for the 2022 fiscal year. | |||||
C. Determine the balance of the net defined benefit liability/asset reported on the December 31, 2022 balance sheet. | |||||
D. Prepare the journal entries to record the pension expense and pension funding for the year. | |||||
Related Book For
Intermediate Accounting
ISBN: 978-1118300855
10th Canadian Edition Volume 2
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Nicola M. Young, Irene M. Wiecek, Bruce J. McConomy
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