Rosek Inc. provides the following information related to its post-retirement health care benefits for the year 2014:
Defined post-retirement benefit obligation at Jan. 1, 2014..........................$110,000
Plan assets, Jan. 1, 2014.......................................................................42,000
Actual return on plan assets, 2014............................................................3,000
Discount rate and expected return on fund assets...........................................10%
Service cost, 2014..............................................................................57,000
Plan funding during 2014.....................................................................22,000
Payments from plan to retirees.................................................................6,000
Actuarial loss on defined post-retirement benefit obligation, 2014 (end of year)....31,000
Rosek Corp. follows IFRS.
Instructions
(a) Calculate the post-retirement benefit expense for 2014.
(b) Calculate the post-retirement benefit remeasurement gain or loss-OCI for 2014.
(c) Determine the December 31, 2014 balance of the plan assets, the defined post-retirement benefit obligation, and the funded status.
(d) Determine the balance of the net post-retirement benefit liability/asset account on the December 31, 2014 statement of financial position.
(e) Reconcile the funded status with the amount reported on the statement of financial position at December 31, 2014.