Reference no: EM132832213
Bateman Corp. provides a defined benefit pension plan for its employees and uses IFRS. The trustee administering the plan provided the following information for the year ended December 31, 2020:
Fair value of plan assets, Jan 1...........$1,200,000
Defined benefit obligation, Jan 1.........1,270,000
Current service cost............................300,000
Employer's contributions.....................360,000
Past service cost (at Jan 1).................30,000
Benefits paid retirees..........................325,000
Actual and expected return.................60,000
Interest (discount) rate.......................8%
Problem 1: The fair value of the plan assets at December 31, 2020 would be:
Option 1: $1,295,000.
Option 2: $1,235,000.
Option 3: $1,535,000.
Option 4: $1,335,000.
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