Duster Corporation is a private company and has a defined benefit pension plan that is accounted for

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Duster Corporation is a private company and has a defined benefit pension plan that is accounted for under the immediate recognition approach. The following information is available for Duster Corporation for 2014:
Opening balance, DBO....................................$210,000
Opening balance, plan assets...............................200,000
Service cost.....................................................58,000
Employer contributions paid throughout 2014............77,000
Interest or discount rate on the DBO/plan assets............10%
Actual return on plan assets..................................25,000
Actuarial loss due to change in actuarial assumptions...14,000
Assuming that Duster follows IFRS, determine the 2014 effect of the pension plan on pension expense and the company's shareholders' equity.
Corporation
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Discount Rate
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Intermediate Accounting

ISBN: 978-1118300855

10th Canadian Edition Volume 2

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Nicola M. Young, Irene M. Wiecek, Bruce J. McConomy

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