Reference no: EM132972128
Scallion Company received the following reports on its defined benefit pension plan for the current calendar year 2019:
DBO PLAN ASSETS
Balance Jan 1 $400,000 Balance Jan 1 $250,000
Service Cost 195,000 Actual return 30,000
Interest cost 40,000 Annual contribution 110,000
Benefits paid (80,000) Benefits paid (80,000)
Balance Dec 31 $ 555,000 Balance, Dec 31 310,000
The long-term expected rate of return on plan assets is 10%.
Problem 1) Assuming no other data are relevant, what is the pension expense per IFRS for the year?
a. $197,000.
b. $227,000
c. $172,000.
d. $210,000.
e. $217,000.
Problem 2) Determine the balance reported by Scallion on its balance sheet as at December 31, 2019 for the Net Benefits Asset/Liability account.
a. $150,000.
b. $242,000
c. $157,000.
d. $232,000.
e. $245,000.
|
Find the journal entry prepared by win to record the lease
: Find the journal entry prepared by WIN to record the lease contract on January 1, 2019 would be? Not Ordinary Drones (NOD) , Inc., a lessor, leased a drone
|
|
Talk about how some of the developmental tasks of school age
: Talk about how some of the developmental tasks of school age children with disabilities may differ from typically developing children.
|
|
What would have been the amount recorded as pension expenses
: The Pension Expense in a pension plan, What would have been the amount recorded as Pension expenses for 2019 if the company were reporting under ASPE?
|
|
What do your observations suggest about the accuracy
: How did the media handle this topic? Did it promote or debunk any of the myths of developmental disabilities?
|
|
Determine the balance reported by scallion on balance sheet
: Determine the balance reported by Scallion on its balance sheet as at December 31, 2019 for the Net Benefits Asset/Liability account.
|
|
Find the appropriate journal entry to record the transaction
: Find the appropriate journal entry to record the transaction on October 1 would be? Common shares - 600,000 no par value, issued and outstanding $4,788,000
|
|
What amount that report as net loss for financial reporting
: What amount that reports as a net loss for financial reporting purposes in 2020, would be? Katchup, Inc., reported a taxable and accounting loss of $ 130,000.
|
|
How children born with a disability are perceived
: Families play a major role in how children born with a disability are perceived and Share about factors that may help or hinder one in accepting a disability.
|
|
What amount was claimed for cca on corporation tax return
: Kookie Corporation, Inc., partial income statement for its first year, What amount was claimed for CCA on the corporation's tax return for the year?
|