Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribedimage text in transcribedCan 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

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

New Challenges For Future Sustainability And Wellbeing

Authors: Ercan Özen, Simon Grima, Rebecca Dalli Gonzi

1st Edition

1800439695, 9781800439696

More Books

Students also viewed these Accounting questions