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Blossom Corporation initiated a defned benefit pension plan for its 50 employees on January 1, 2020. The insurance company that administers the pension plan provides
Blossom Corporation initiated a defned benefit pension plan for its 50 employees on January 1, 2020. The insurance company that administers the pension plan provides the following information for the years 2020, 2021, and 2022 Plan assets (fair value) Defined benefit obligation Net actuarial (gain) loss: DBO Remeasurement (gain) loss: fund assets Employer's funding contribution (made at end of year) For Year Ended December 31 2020 2021 2022 $50,000 $84,000 $166,000 61.900 ? 8,900 (24,500) 84,500 ? (12,280) 50,000 60,000 95,000 There were no balances as at January 1, 2020, when the plan was initiated, because no credit was given for past service. The rate used to discount the company's pension obligation was 13% in 2020, 11% in 2021, and 8% in 2022. The service cost component of net periodic pension expense amounted to the following: 2020, $53,000; 2021, $84,000; and 2022, $116,000. No benefits were . paid in 2020, but $31,000 was paid in 2021, and $32,000 in 2022. (All benefits were paid and all actuarial gains and losses were determined at the end of the year.) The company applies IFRS. Prepare a continuity schedule for the defined benefit obligation over the three-year period. (Round answers to 0 decimal places, eg. 5,275. Enter negative amounts using either a negative sign preceding the number eg.-45 or parentheses eg. (45). Do not leave any answer field blank. Enter O for amounts.) Prepare a continuity schedule for the defined benefit obligation over the three-year period. (Round answers to 0 decimal places, eg. 5,275. Enter negative amounts using either a negative sign preceding the number eg.-45 or parentheses eg. (45). Do not leave any answer field blank. Enter O for amounts) Blossom Corporation Continuity Schedule of Defined Benefit Obligation 2020 2021 $ $ $ e Textbook and Media Prepare a continuity schedule for the plan assets over the three-year period. (Round answers to 0 decimal places, eg. 5,275. Enter negative amounts using either a negative sign preceding the number eg.-45 or parentheses eg. (45). Do not leave any answer field blank Enter O for amounts.) Blossom Corporation Continuity Schedule of Plan Assets 2020 2021 2022 $ $ $ $ e Textbook and Media Calculate the amount of net periodic pension expense that the company will recognize in each of 2020 2021, and 2022. (Round answers to 0 decimal places, eg. 5,275.) Pension expense, 2020 $ Pension expense, 2021 $ Pension expense, 2022 $ Prepare and complete a pension work sheet for each of 2020 2021, and 2022. (Round answers to 0 decimal places, eg. 5,275.) Genera Items Remeasurement (Gain) Loss (OCI) Annual Pension Expense $ $ Balance, Jan. 1.2020 (a) Service cost (b) Net interest/finance cost (c) Actuarial loss, DBO (d) Contributions (e) Benefits paid Expense entry $ $ Funding entry, 12/31/20 Balance, Dec 31, 2020 (f) Service cost $ $ (1) Service cost $ $ (g) Net interest/finance cost (h) Asset remeasurement loss (i) Actuarial gain on DBO (1) Contributions (k) Benefits paid Expense entry $ $ Funding entry. 12/31/21 Balance, Dec 31, 2021 (1) Service cost $ $ (m) Net interest/finance cost (n) Asset remeasurement gain (0) Actuarial loss on DBO (p) Contributions (q) Benefits paid Expense entry $ $ Funding entry Balance, Dec. 31, 2021 e Textbook and Media Determine the plan surplus or deficit at December 31, 2022, and the balance of the Net Defined Benefit Liability/Asset account that will be reported on the December 31, 2022 balance sheet. (Round answers to O decimal places, eg,5,275. Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45). Do not leave any answer field blank. Enter 0 for amounts.) Plan $ Balance of the Net Defined Benefit account $ Blossom Corporation initiated a defned benefit pension plan for its 50 employees on January 1, 2020. The insurance company that administers the pension plan provides the following information for the years 2020, 2021, and 2022 Plan assets (fair value) Defined benefit obligation Net actuarial (gain) loss: DBO Remeasurement (gain) loss: fund assets Employer's funding contribution (made at end of year) For Year Ended December 31 2020 2021 2022 $50,000 $84,000 $166,000 61.900 ? 8,900 (24,500) 84,500 ? (12,280) 50,000 60,000 95,000 There were no balances as at January 1, 2020, when the plan was initiated, because no credit was given for past service. The rate used to discount the company's pension obligation was 13% in 2020, 11% in 2021, and 8% in 2022. The service cost component of net periodic pension expense amounted to the following: 2020, $53,000; 2021, $84,000; and 2022, $116,000. No benefits were . paid in 2020, but $31,000 was paid in 2021, and $32,000 in 2022. (All benefits were paid and all actuarial gains and losses were determined at the end of the year.) The company applies IFRS. Prepare a continuity schedule for the defined benefit obligation over the three-year period. (Round answers to 0 decimal places, eg. 5,275. Enter negative amounts using either a negative sign preceding the number eg.-45 or parentheses eg. (45). Do not leave any answer field blank. Enter O for amounts.) Prepare a continuity schedule for the defined benefit obligation over the three-year period. (Round answers to 0 decimal places, eg. 5,275. Enter negative amounts using either a negative sign preceding the number eg.-45 or parentheses eg. (45). Do not leave any answer field blank. Enter O for amounts) Blossom Corporation Continuity Schedule of Defined Benefit Obligation 2020 2021 $ $ $ e Textbook and Media Prepare a continuity schedule for the plan assets over the three-year period. (Round answers to 0 decimal places, eg. 5,275. Enter negative amounts using either a negative sign preceding the number eg.-45 or parentheses eg. (45). Do not leave any answer field blank Enter O for amounts.) Blossom Corporation Continuity Schedule of Plan Assets 2020 2021 2022 $ $ $ $ e Textbook and Media Calculate the amount of net periodic pension expense that the company will recognize in each of 2020 2021, and 2022. (Round answers to 0 decimal places, eg. 5,275.) Pension expense, 2020 $ Pension expense, 2021 $ Pension expense, 2022 $ Prepare and complete a pension work sheet for each of 2020 2021, and 2022. (Round answers to 0 decimal places, eg. 5,275.) Genera Items Remeasurement (Gain) Loss (OCI) Annual Pension Expense $ $ Balance, Jan. 1.2020 (a) Service cost (b) Net interest/finance cost (c) Actuarial loss, DBO (d) Contributions (e) Benefits paid Expense entry $ $ Funding entry, 12/31/20 Balance, Dec 31, 2020 (f) Service cost $ $ (1) Service cost $ $ (g) Net interest/finance cost (h) Asset remeasurement loss (i) Actuarial gain on DBO (1) Contributions (k) Benefits paid Expense entry $ $ Funding entry. 12/31/21 Balance, Dec 31, 2021 (1) Service cost $ $ (m) Net interest/finance cost (n) Asset remeasurement gain (0) Actuarial loss on DBO (p) Contributions (q) Benefits paid Expense entry $ $ Funding entry Balance, Dec. 31, 2021 e Textbook and Media Determine the plan surplus or deficit at December 31, 2022, and the balance of the Net Defined Benefit Liability/Asset account that will be reported on the December 31, 2022 balance sheet. (Round answers to O decimal places, eg,5,275. Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45). Do not leave any answer field blank. Enter 0 for amounts.) Plan $ Balance of the Net Defined Benefit account $
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