The Kissel Trucking Company Inc. has a defined benefit pension plan for its employees. At December 31,

Question:

The Kissel Trucking Company Inc. has a defined benefit pension plan for its employees. At December 31, Year 1, the following information is available regarding Kissel's plan:
Fair value of plan assets ………………………………… $30,000,000
Present value of defined benefit obligation …………….. 38,000,000
Service costs …………………………………………….. 4,000,000
Interest costs ……………………………………………..1,200,000
Actuarial gains …………………………………………… 150,000
Past service costs ………………………………………… 375,000
Required:
Determine the amount that Kissel will report on the as of December 31, Year 1, for this pension plan under IFRS. Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...