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On January 1, 2020, Freddy Ltd. reported the following balances relating to their defined benefit pension plan: Defined benefit obligation for funding purposes $1,900,000
On January 1, 2020, Freddy Ltd. reported the following balances relating to their defined benefit pension plan: Defined benefit obligation for funding purposes $1,900,000 Defined benefit obligation for accounting purposes 1,600,000 Fair value of plan assets... 1,500,000 Other data related to the pension plan for calendar 2020 are: Contributions to the plan. 102,000 Benefits paid... 100,000 Actual return on plan assets.. 96,000 Annual pension service cost.. 70,000 Gain from actuarial change of assumption 30,000 Interest (discount) rate.. 9% The company is following IFRS
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