Marko Inc. provides the following information related to itspost-retirement health care benefits for the year 2018 (amounts inthousands of Canadian dollars): Defined post-retirement benefitobligation at January 1, 2018 - $100,000 Plan assets, January 1,2018 - 40,000 Actual return on plan assets, 2018 - 3,000 Discountrate- 10% Service cost,2018 - 57,000
Plan funding during 2018 - 22,000
Payments from plan to retirees during 2018 - 6,000 Actuarialloss on defined post-retirement benefit obligation, 2018 (end ofyear)- 31,000
Marko Inc. follows IFRS.
REQUIRED:
(a) Calculate the post-retirement benefit expense for 2018. (b) Calculate the post-retirement benefit remeasurement gainor loss- other comprehensive income (OCI) for 2018. (c)Determine the December 31, 2018 balance of the plan assets, thedefined post-retirement benefit obligation, and the plan surplus ordeficit. (d) Determine the balance of the netpost-retirement benefit liability/asset account on the December 31,2018 statement of financial position. (e) Reconcile theplan surplus or deficit with the amount reported on the statementof financial position at December 31, 2018.
