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Can I get some guidance on the continuity schedule for the plan assets. Thanks, Oriole Corporation initiated a defined benefit pension plan for its 50
Can I get some guidance on the continuity schedule for the plan assets. Thanks,
Oriole Corporation initiated a defined 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: 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, $117,000. No benefits were paid in 2020 , but $33,000 was paid in 2021 , and $33,000 in 2022 . (All benefits were paid and all actuarial gains and losses were determined at the end of the year.) The company applies ASPE. Prepare a continuity schedule for the plan assets over the three-year period. (Round answers to 0 decimal places, e.g. 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.)Step by Step Solution
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