MAKE UP NUMBERS!

Prepare the documents described below IN ACCORDANCE TO ASPE- CANADIAN PRIVATELY OWNED COMPANIES. You will need to make up many of the numbers used in your calculations.

RealPro Ltd is a privately owned company that manufactures and sells small construction tools such as hammers and screwdrivers. Due to COVID-19, 2020 has been a very busy year for RealPro, and management believes that the trend toward home renovations will continue to be brisk for the foreseeable future. As a result, the company has made some important decisions that will prepare it for sustained growth.

The company enhanced its defined benefit plan in order to attract and retain top quality employees. a. Assume that the plan has been in effect for several years. Determine an opening balance for the DBO and the Plan Assets. What is the plans funded status at the beginning of the year?

b. Determine an amount of past service adjustment to be granted to employees on January 1.

c. Determine the rate of return. Determine the funding amount.

d. Prepare a pension worksheet. If you wish, you may use Excel and paste your worksheet into your Word document. Be sure to clearly type out any formulas that you use.

e. Prepare the journal entries for the pension plan, using proper journal entry format.

f. Prepare any notes to the financial statements that may be required.

g. What is the pension plans funded status at the end of the year?

Invalid Equation YOU/NEED/TO/COME/UP/WITH/NUMBERS Invalid Equation YOU/NEED/TO/COME/UP/WITH/NUMBERS