Laudi Inc. follows IFRS and uses the immediate recognition method for its pension plan. The following information has been provided regarding the defined benefit pension plan for
Current service cost $
Actual return on plan assets
Contributions
Past service costs incurred on Dec
Benefits paid to retirees
Interest rate on ABO
Expected rate of return on plan assets
The balances for the following accounts as at December were as follows:
Accrued Pension AssetsLiabilities $ CR
Accrued Benefit Obligation CR
The Accrued Benefit Obligation was revalued on December and it was estimated to be $
Required:
Use the above information to fill out the worksheet below. Indicate debitcredit for all the entries in the pension worksheet and conclude whether the yearend balance sheet pension account is an accrued pension asset or liability.
Prepare the journal entries to reflect the accounting for the company's pension plan for the year ending December
