The following pension information was provided to you with respect to a company that adopted the provisions
Question:
The following pension information was provided to you with respect to a company that adopted the provisions of IAS 19 and assumes that all benefits will fully be taken upon retirement. The following balances relate to this plan on January 1, 2021:
Plan assets $2,746,000
Defined post-retirement benefit obligation $3,661,000
Past service costs of new members $25,000
As a result of the plan's operation during 2020, the following additional data were provided by the actuary.
The service cost for 2021 was $402,100.
The discount rate was 7%.
Funding payments in 2021 were $214,000.
The actual return on plan assets was $124,600.
The benefits paid on behalf of retirees from the plan were $153,200.
Accounting concepts and applications
ISBN: 978-0538745482
11th Edition
Authors: Albrecht Stice, Stice Swain