Reference no: EM133034090
Question - Oriole Corporation provides the following information about its defined benefit pension plan for the year 2020:
Current service cost $225,500
Contribution to the plan 263,000
Past service cost, effective December 31, 2020 25,500
Actual return on plan assets 160,000
Benefits paid 105,000
Net defined benefit liability at January 1, 2020 400,500
Plan assets at January 1, 2020 1,600,000
Defined benefit obligation at January 1, 2020 2,000,500
Interest/discount rate on the DBO and plan assets 10%
Oriole follows IFRS.
Required -
1. Prepare a continuity schedule for 2020 for the defined benefit obligation.
2. Prepare a continuity schedule for 2020 for the plan assets.
3. Calculate pe1nsion expense for the year 2020.
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