Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Gilligan Co. reported the following information related to its defined benefit pension plan for the year ended December 31, 2020, Gilligan follows IFRS. Current service
Gilligan Co. reported the following information related to its defined benefit pension plan for the year ended December 31, 2020, Gilligan follows IFRS. Current service cost $510,000 Employer contributions 525,000 Past service cost effective Jan. 1 2020 100,000 Actual return on plan assets 102,000 Expected return on plan assets 132,000 Interest cost 140,000 200,000 50,000 Benefits paid to retirees Actuarial loss on plan revaluation Plan assets, January 1, 2020 Projected benefit obligation, Jan. 1, 2020 3,900,000 4,300,000 The total amount that would flow through Gillian Co.'s 2020 net income for the pension plan is: The total amount that would flow through Gilligan's 2020 statement of other comprehensive income (OCI) is: Assume instead that Gilligan's followed ASPE. The total amount that would flow through Gillian Co.'s 2020 net income for the pension plan is: The closing balance of plan assets on December 31, 2020 is: The closing balance of the projected benefit obligation on December 31, 2020 is: Gilligan Co. reported the following information related to its defined benefit pension plan for the year ended December 31, 2020, Gilligan follows IFRS. Current service cost $510,000 Employer contributions 525,000 Past service cost effective Jan. 1 2020 100,000 Actual return on plan assets 102,000 Expected return on plan assets 132,000 Interest cost 140,000 200,000 50,000 Benefits paid to retirees Actuarial loss on plan revaluation Plan assets, January 1, 2020 Projected benefit obligation, Jan. 1, 2020 3,900,000 4,300,000 The total amount that would flow through Gillian Co.'s 2020 net income for the pension plan is: The total amount that would flow through Gilligan's 2020 statement of other comprehensive income (OCI) is: Assume instead that Gilligan's followed ASPE. The total amount that would flow through Gillian Co.'s 2020 net income for the pension plan is: The closing balance of plan assets on December 31, 2020 is: The closing balance of the projected benefit obligation on December 31, 2020 is
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started