CA DAw my of $7.000 down of SSD $160.000 10 in 2020. La copyright infringement it, and in 2001, Lagan lost the court case Lawy.000 to u No preventies had been recorded in the books relative to the case because Laman pement the company would win. Assuming the books for 2021 are 14 oper, what is the correct journal entry for Lanto male regarding this suit? 15 16 Account Tile Debit Credit 12 Retained earning 65,000 A IN Ligation payable 65,000 19 20 Legation expense 65,000 21 Retained earning 65.000 23 C No entry required 2 Answer: 25 26 27 Litigation expense 65.000 D Litigation payable 65,000 28 (3). The difference between the defined benefit obligation and the pension assets' far value at any point in time 29 is known as the plan's A. Return on plan assets 8. Remeasurement gain or loss C. Actuarial gain or loss D. Surplus or deficit 3 Answer (4). Albertan Honey Co, has a defined benefit plan for its employees. During the year, there was an actuarial loss of $5,000 recognized. Which of the following would not be a factor of this actuarial loss? A Life expectancy B. Interest rates C. Credit risk D. Salary growth #4 Answer ( Which the party the comedi whether the pendon plan has the required amounts to Actuary Chacalm 5 Answer #6 Answer (6). Who assumes the economic for defined pension plans? A The employer B. The actuary The pension plan trustee The employee 54 55 Use the following information to answer multiple-choice questions 7-8: Selected data on a defined benefit pension plan follows. Based on this data, answer questions to s. 57 58 Change in benefit obligation: 59 Obligation at beginning of the year $ 28,000 60 Interest cost 800 61 Current year service cost 1,800 62 Actuarial loss 1,500 63 Benefits paid to retirees (2,600) 64 Benefit obligation end of year $ 29,500 65 Change in the plan assets: Fair value of plan assets at beginning of year S 26,700 Contributions from employer and 2,000 68 employees 69 Actual return on plan assets (1,500) 70 Benefits paid to retirees (2,600) 71 Fair value of plan assets at end of year 24,600 P2 3 (7). The approximate discount rate used to determine the obligation is closest to: + A. 3.0% > Cover Sheet Q1 Q2 Q3 24 25 26 + alculation Mode: Automatic Workbook Statistics 22 1 The approximate discounted to determine the ton is closest to ABOX C 200 D 2.7 77 7. Answer: + > (8). What would the company present on its year end statement of financial position relating to the pension 20 or liability? 21 A $4.900 asset BL 529,500 asset C 54,900 ability 14 D. 524,600 asset 8 Answer 85 86 87 19). On August 1, 2019, Howe Co.Issued 300 of its 10%, 51,000 bonds at 99 plus accrued interest. The bonds are By dated April 1, 2019 and mature on April 1, 2029. Interest is payable semi-annually on April 1 and October 1. 89 What amount did Howe receive from the bond issuance? 90 A. $307,000 91 B. $297,000 92 C. $300,000 93 D. $312,000 #9 Answer: 94 05 (10). Canadian Tire Corporation has many types of obligations. Which of the following is long-term debt: 96 A. Mortgages and senior term notes 97 8. Current portion of long-term debt C. Bank indebtedness 29 D. Trade and other payables #10 Answer 00 1 END OF QUESTION 4 98 >= Cover Sheet Q1 Q2 Q3 04 05 06 + culation Mode: Automatic Workbook Statistics CA DAw my of $7.000 down of SSD $160.000 10 in 2020. La copyright infringement it, and in 2001, Lagan lost the court case Lawy.000 to u No preventies had been recorded in the books relative to the case because Laman pement the company would win. Assuming the books for 2021 are 14 oper, what is the correct journal entry for Lanto male regarding this suit? 15 16 Account Tile Debit Credit 12 Retained earning 65,000 A IN Ligation payable 65,000 19 20 Legation expense 65,000 21 Retained earning 65.000 23 C No entry required 2 Answer: 25 26 27 Litigation expense 65.000 D Litigation payable 65,000 28 (3). The difference between the defined benefit obligation and the pension assets' far value at any point in time 29 is known as the plan's A. Return on plan assets 8. Remeasurement gain or loss C. Actuarial gain or loss D. Surplus or deficit 3 Answer (4). Albertan Honey Co, has a defined benefit plan for its employees. During the year, there was an actuarial loss of $5,000 recognized. Which of the following would not be a factor of this actuarial loss? A Life expectancy B. Interest rates C. Credit risk D. Salary growth #4 Answer ( Which the party the comedi whether the pendon plan has the required amounts to Actuary Chacalm 5 Answer #6 Answer (6). Who assumes the economic for defined pension plans? A The employer B. The actuary The pension plan trustee The employee 54 55 Use the following information to answer multiple-choice questions 7-8: Selected data on a defined benefit pension plan follows. Based on this data, answer questions to s. 57 58 Change in benefit obligation: 59 Obligation at beginning of the year $ 28,000 60 Interest cost 800 61 Current year service cost 1,800 62 Actuarial loss 1,500 63 Benefits paid to retirees (2,600) 64 Benefit obligation end of year $ 29,500 65 Change in the plan assets: Fair value of plan assets at beginning of year S 26,700 Contributions from employer and 2,000 68 employees 69 Actual return on plan assets (1,500) 70 Benefits paid to retirees (2,600) 71 Fair value of plan assets at end of year 24,600 P2 3 (7). The approximate discount rate used to determine the obligation is closest to: + A. 3.0% > Cover Sheet Q1 Q2 Q3 24 25 26 + alculation Mode: Automatic Workbook Statistics 22 1 The approximate discounted to determine the ton is closest to ABOX C 200 D 2.7 77 7. Answer: + > (8). What would the company present on its year end statement of financial position relating to the pension 20 or liability? 21 A $4.900 asset BL 529,500 asset C 54,900 ability 14 D. 524,600 asset 8 Answer 85 86 87 19). On August 1, 2019, Howe Co.Issued 300 of its 10%, 51,000 bonds at 99 plus accrued interest. The bonds are By dated April 1, 2019 and mature on April 1, 2029. Interest is payable semi-annually on April 1 and October 1. 89 What amount did Howe receive from the bond issuance? 90 A. $307,000 91 B. $297,000 92 C. $300,000 93 D. $312,000 #9 Answer: 94 05 (10). Canadian Tire Corporation has many types of obligations. Which of the following is long-term debt: 96 A. Mortgages and senior term notes 97 8. Current portion of long-term debt C. Bank indebtedness 29 D. Trade and other payables #10 Answer 00 1 END OF QUESTION 4 98 >= Cover Sheet Q1 Q2 Q3 04 05 06 + culation Mode: Automatic Workbook Statistics