Reference no: EM132742596
Question - Rosek Inc. provides the following information related to its post-retirement health-care benefits for the year 2020:
Defined post-retirement benefit obligation at January 1, 2020 $110,000
Plan assets, January 1, 2020 42,000 Actual return on plan assets, 2020 3,000
Discount rate 10%
Service cost, 2020 $57,000
Plan funding during 2020 22,000
Payments from plan to retirees during 2020 6,000
Actuarial loss on defined post-retirement benefit obligation, 2020 (end of year) 31,000
Rosek Inc. follows IFRS.
Instructions -
a. Calculate the post-retirement benefit expense for 2020.
b. Calculate the post-retirement benefit remeasurement gain or loss-other comprehensive income (OCI) for 2020.
c. Determine the December 31, 2020 balance of the plan assets, the defined post-retirement benefit obligation, and the plan surplus or deficit.
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