Question
Rebek Corporation provides the following information about its defined benefit pension plan for the year 2022: Service cost $ 90,000 Contribution to the plan 105,000
Rebek Corporation provides the following information about its defined benefit pension plan for the year 2022:
Service cost $ 90,000
Contribution to the plan 105,000
Past service cost, effective December 31, 2022 50,000
Actual and expected return on plan assets 64,000
Benefits paid 40,000
Net defined benefit liability at Jan. 1, 2022 160,000
Plan assets at Jan. 1, 2022 640,000
Accrued benefit obligation at Jan. 1, 2022 800,000
Settlement rate 10%
The company uses IFRS.
Instructions
Prepare a continuity schedule for 2022 for the accrued benefit obligation.
Prepare a continuity schedule for 2022 for the plan assets.
Calculate pension expense for the year 2022.
Prepare all pension journal entries recorded by Rebek in 2022.
What pension amounts will appear on Rebeks Statement of Financial Position at December 31, 2022?
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