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E19.3(L03,4,5,7(Continuity Schedules and Calculation of Defined Benefit Expense) Rebek Corporation provides the following information about...

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Accounting

E19.3(L03,4,5,7(Continuity Schedules and Calculation of Defined Benefit Expense) Rebek Corporation provides the following information about its defined benefit pension plan for the year 2023:
Current service cost
Contribution to the plan
Past service cost, effective December 31,2023
Actual return on plan assets
Benefits paid
Net defined benefit liability at January 1,2023
Plan assets at January 1,2023
Defined benefit obligation at January 1,2023
$235,000
262,500
50,000
160,000
100,000
400,000
1,600,000
2,000,000
Interest/discount rate on the DBO and plan assets
10%
Rebek follows IFRS.
Instructions
a. Prepare a continuity schedule for 2023 for the defined benefit obligation.
b. Prepare a continuity schedule for 2023 for the plan assets.
c. Calculate defined benefit expense for the year 2023.
d. Prepare all pension journal entries recorded by Rebek in 2023.
e. What pension amount will appear on Rebek's SFP at December 31,2023?
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