Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. on january 1, 2021, benefactor corporation reporte

On January 1, 2021, Benefactor Corporation reported the following balances related...

80.2K

Verified Solution

Question

Accounting

image
On January 1, 2021, Benefactor Corporation reported the following balances related to their defined benefit pension plan: S Fair value of plan assets $ 1,450,000 Defined benefit obligation 1,476,200 Other data related to the pension plan for the 2021 year follows: Current service cost 69,320 Contributions to the plan S 125,000 Benefits paid 114,987 Actual return on plan assets S 84,000 Prior year service cost, granted December 31, 2021 78,640 Defined benefit obligation at December 31, 2021 1,595,000 Interest/discount rate on the defined benefit obligation and plan assets 6% Assume that Benefactor Corporation has a December 31 year end and follows IFRS. Required: 1. Prepare a pension worksheet for Benefactor Corporation for the year ended December 31, 2021. 19.5 marks) V $ 2. Prepare the journal entries required by Benefactor Corporation for the pension plan in 2021. (25 marks) 3. Determine the funded status of the plan at December 31, 2021. (1 mark) 4. Prepare the necessary journal entries for the pension for 2021 if Benefactor Corporation follows ASPE instead of IFRS. A pension worksheet is not required. (2 marks)

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Write the complex number in polar form with argument 8 between 0 and 2 4...

Basic Math
Q

Please summarize the paragraph with no plagiarism. In July of that year the bulk of the...

Psychology
Q

1. Let a < b. (a) Show that R[a, b] is uncountable

Advance Math
Q

Search entries or author Reply Unread B

Biology
Q

Marina is paid 28 per hour and works 7 hours per day She receives one...

Geometry
Q

Beachside Realty rents condominiums and furnishings. Below...

Accounting
Q

Answer these questions: 1. If you are loaning money, which of the following...

Accounting
Q

How are ordinary repair expenditures handled on a depreciating asset? For example an oil change...

Accounting
Q

Cul de las siguientes afirmaciones es incorrecta sobre el concepto de capital fsico? ...

Accounting
Q

ONLY ANSWER QUESTION 3 DUE TO WEBSIE POLICY PLEASE Exercise 2: (40 points)...

Accounting
Q

A business opens on 1 January 204 in a shop which is on a 20...

Accounting
Q

JFG stock is expected to pay a dividend of $3.92 a share in one year....

Finance