Question
Raphael Inc. provides a defined benefit plan for its employees, and reports using ASPE. The pension plan administrator for Raphael Inc. provided the following information
Raphael Inc. provides a defined benefit plan for its employees, and reports using ASPE. The pension plan administrator for Raphael Inc. provided the following information for the year ended December 31, 2020: Fair value of plan assets, January 1............. 760,000 Defined benefit obligation, January 1........... 820,000 Current service cost..................................... 60,000 Employer contributions................................ 85,000 Benefits paid to retirees.............................. 50,000 Actual and expected return......................... 12,000 Interest (discount) rate............................... 6% The fair value of the plan assets at December 31, 2020 would be
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