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What journal entry fmc prepare to record the remeasurement

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Reference no: EM133134843

Question - FMC Inc. provides its employees with a defined benefit pension plan. Details are as follows:

Present value defined benefit obligation (DBO) - December 31, 2020 $7,000,000

Plan assets - December 31, 2020 $5,900,000

Plan's actuary confirmed that 4% is the appropriate interest rate to use.

Current service costs (CSC) for the year $590,000

Past service costs (PSC) (improvement in benefits) - January 1, 2020 $60,000

Expected ending DBO - December 31, 2020 $7,200,000

Expected ending plan assets - December 31, 2020 $6,500,000

Remitted to pension trustee - evenly throughout year $670,000

Payments to retirees - evenly throughout year $640,000

Required - What journal entry should FMC prepare to record the remeasurement gains/losses and actuarial gains/losses for the year? Assume FMC reports under IFRS.

Reference no: EM133134843

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