Reference no: EM133050493
Question - Wildhorse Corporation provides the following information about its defined benefit pension plan for the year 2020:
Current service cost $226,100
Contribution to the plan 263,600
Past service cost, effective December 31, 2020 26,100
Actual return on plan assets 160,000
Benefits paid 111,000
Net defined benefit liability at January 1, 2020 401,100
Plan assets at January 1, 2020 1,600,000
Defined benefit obligation at January 1, 2020 2,001,100
Interest/discount rate on the DBO and plan assets 10%
Wildhorse 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.