Reference no: EM132752660
Carla Vista Limited sponsors a defined benefit pension plan, and follows ASPE. The corporation's actuary provides the following information about the plan (in thousands of dollars):
Vested benefit obligation $1,200$ 1,450
Defined benefit obligation, accounting basis 2,380 3,098
Plan assets (fair value) 1,320 2,094
Interest/discount rate 10% 10%
Net defined benefit liability/asset ? ?
Past service cost, plan amendment, effective December 30, 2020 340
Service cost for the year 2020 280
Contributions (funding) 2020 660
Benefits paid in 2020 140
Problem 1: Calculate the actual return on the plan assets in 2020.
Problem 2: Calculate the amount of the net defined benefit liability/asset as at January 1, 2020.
Problem 3: Prepare continuity schedule of the defined benefit obligation for 2020.(Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
Problem 4: Calculate the pension expense for 2020, separately identifying each amount making up the total expense.
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