Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

4 questions please Cullumbar Limited sponsors a defined benefit pension plan, and follows ASPE. The corporation's actuary provides the following information about the plan in

4 questions please image text in transcribed
image text in transcribed
image text in transcribed
Cullumbar Limited sponsors a defined benefit pension plan, and follows ASPE. The corporation's actuary provides the following information about the plan in thousands of dollars) January 1, 2020 December 31, 2020 Vested benefit obligation $1.500 $1.520 Denned benefit obligation accounting basis 2.280 3.028 Plan assets (fair value 1,360 2,089 Interest/discount rate 10% 10% Net denned benefit liability/asset Past service cost.plan amendment, effective December 30, 2020 360 Service cost for the year 2020 300 Contributions (fundin 2020 600 Benefits paid in 2020 140 (Enter answers in thousands of dollars.) Calculate the actual return on the plan assets in 2020, Actual return on the plan assets in 2020 e Textbook and Media Calculate the amount of the net defined benefit liability/asset as at January 1, 2020, Net defined benefit January 1, 2020 e Textbook and Media Prepare a continuity schedule of the denned benefit obligation for 2020. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses eg. (451) Calculate the pension expense for 2020, separately identifying each amount making up the total expense. (Enter negative amounts using either a negative sign preceding the number, eg, 45 or parentheses, eg, (451) $ Current service cost Net interest cost Asset remeasurement gain Past service cost Pension expense for 2020 e Textbook and Media Cullumbar Limited sponsors a defined benefit pension plan, and follows ASPE. The corporation's actuary provides the following information about the plan in thousands of dollars) January 1, 2020 December 31, 2020 Vested benefit obligation $1.500 $1.520 Denned benefit obligation accounting basis 2.280 3.028 Plan assets (fair value 1,360 2,089 Interest/discount rate 10% 10% Net denned benefit liability/asset Past service cost.plan amendment, effective December 30, 2020 360 Service cost for the year 2020 300 Contributions (fundin 2020 600 Benefits paid in 2020 140 (Enter answers in thousands of dollars.) Calculate the actual return on the plan assets in 2020, Actual return on the plan assets in 2020 e Textbook and Media Calculate the amount of the net defined benefit liability/asset as at January 1, 2020, Net defined benefit January 1, 2020 e Textbook and Media Prepare a continuity schedule of the denned benefit obligation for 2020. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses eg. (451) Calculate the pension expense for 2020, separately identifying each amount making up the total expense. (Enter negative amounts using either a negative sign preceding the number, eg, 45 or parentheses, eg, (451) $ Current service cost Net interest cost Asset remeasurement gain Past service cost Pension expense for 2020 e Textbook and Media

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Accounting questions

Question

Does it use a maximum of two typefaces or fonts?

Answered: 1 week ago