Reference no: EM132972143
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.
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