Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Ivanhoe Corporation is a privately owned company that uses ASPE. On January 1, 2020 Ivanhoe's financial records indicated the following information related to the company's
Ivanhoe Corporation is a privately owned company that uses ASPE. On January 1, 2020 Ivanhoe's financial records indicated the following information related to the company's defined benefit pension plan: $1,340,000 Defined Benefit Obligation Pension Plan Assets 1,490,000 Ivanhoe Corporation's actuary provided the following information on December 31, 2020: $92,000 165,000 Current year service cost Prior service cost, granted Jan 1, 2020 Employer contributions for the year Benefits paid to retirees Expected return on assets 83,000 28,000 5% Actual return on assets 6% Discount rate 5% Prepare a pension worksheet for Ivanhoe Corporation for 2020. General Journal Entries Memo Record Annual Pension Expense Net Defined Liability/ Asset Defined Benefit Obligation Cash Plan Assets Balance, January 1, 2020 Current Service Cost Past Service Cost Net Interest/Finance Cost Asset Remeasurement Gain/Loss Employer Contributions to Pension Fund Benefits Paid to Retirees from Pension Fund Pension Expense Entry - 2020 Net Funding Entry Balance, December 31, 2020 Prepare pension plan journal entries for Ivanhoe Corporation for 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit (To record pension expense) (To record payment to the pension fund) What is the funded status for Ivanhoe Corporation at December 31, 2020? Ivanhoe's pension plan is by $ on December 31, 2020
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