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Pension data for Sterling Properties include the following: ($ in thousands) Service cost, 2021 $ 135.00 Projected benefit obligation, January 1, 2021 $ 550.00 Plan
| Pension data for Sterling Properties include the following: | |
| ($ in thousands) | |
| Service cost, 2021 | $ 135.00 |
| Projected benefit obligation, January 1, 2021 | $ 550.00 |
| Plan assets (fair value), January 1, 2021 | $ 600.00 |
| Prior service costAOCI (2021 amortization, $8) | $ 96.00 |
| Net lossAOCI (2021 amortization, $1) | $ 117.00 |
| Interest rate | 8% |
| Expected return on plan assets | 12% |
| Actual return on plan assets | 13% |
| Required: |
| Assume Sterling Properties prepares its financial statements according to International Financial Reporting Standards (IFRS). The interest rate on high-grade corporate bonds is 8%. Determine the net pension cost. |
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Auditing Theory And Practice
Authors: C. William Thomas
1st Edition
0534013880, 978-0534013882
