Reference no: EM132805942
Presented below is information related to the defined benefit pension plan of Vandelay Industries for the year 2020. The corporation uses IFRS.
Defined benefit obligation, Jan 1 $ 375,000
Fair value of plan assets, Jan 1 350,000
Current service cost 300,000
Interest (discount) rate 10%
Expected & actual return on plan assets 9%
Past service cost (as of Jan 1) 25,000
Actuarial loss 14,900
Contributions to plan 290,000
Remeasurement loss on plan assets 11,500
Payments to retirees 250,000
Required:
Problem a. Calculate the pension expense to be reported on the income statement for 2020.
Problem b. Calculate the amount to be shown as OCI for 2020.
Problem c. Calculate the fair value of the plan assets at December 31, 2020.
Problem d. Prepare the journal entries to reflect the accounting for the company's pension plan for the year ending December 31, 2020.
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