Carla Corporation is a publicly traded company that uses IFRS. On January 1, 2020 Carlas...
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Carla Corporation is a publicly traded company that uses IFRS. On January 1, 2020 Carlas financial records indicated the following information related to the companys defined benefit pension plan:
Defined Benefit Obligation
$12,935,000
Pension Plan Assets
11,147,000
Carla Corporations actuary provided the following information on December 31, 2020:
Current year service cost
$675,000
Prior service cost, granted Jan 1, 2020
254,000
Employer contributions for the year
945,000
Benefits paid to retirees
350,000
Actuarial Remeasurement Gain on DBO at Dec. 31, 2020
74,000
Discount rate
5%
Actual return on assets
6%
Prepare a pension worksheet for Carla Corporation for 2020.
Prepare pension plan journal entries for Carla Corporation for 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.)
What is the funded status for Carla Corporation at December 31, 2020?
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