Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. on january 1, 2021, benefactor corporation reporte

On January 1, 2021, Benefactor Corporation reported the following balances related...

80.2K

Verified Solution

Question

Accounting

image
On January 1, 2021, Benefactor Corporation reported the following balances related to their defined benefit pension plan: S Fair value of plan assets $ 1,450,000 Defined benefit obligation 1,476,200 Other data related to the pension plan for the 2021 year follows: Current service cost 69,320 Contributions to the plan S 125,000 Benefits paid 114,987 Actual return on plan assets S 84,000 Prior year service cost, granted December 31, 2021 78,640 Defined benefit obligation at December 31, 2021 1,595,000 Interest/discount rate on the defined benefit obligation and plan assets 6% Assume that Benefactor Corporation has a December 31 year end and follows IFRS. Required: 1. Prepare a pension worksheet for Benefactor Corporation for the year ended December 31, 2021. 19.5 marks) V $ 2. Prepare the journal entries required by Benefactor Corporation for the pension plan in 2021. (25 marks) 3. Determine the funded status of the plan at December 31, 2021. (1 mark) 4. Prepare the necessary journal entries for the pension for 2021 if Benefactor Corporation follows ASPE instead of IFRS. A pension worksheet is not required. (2 marks)

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Accounting
1.2K views

In 2018, Ava, an employee, who files single, has AGI of $29,900and incurred the...

Basic Math
1.2K views

Find the equation (in terms of x and y) of the tangent line to the curve...

Physics
1.2K views

There's a neat way to propagate light over long distances indefinitely. A) If you had two positive...

Psychology
1.2K views

1. Damage to the diencephalon can lead to: a) difficulty determining what information to store. b) difficulty remembering one's...

Biology
1.2K views

Which of the following was true about the presidential election of 1932 O The date...

Geometry
1.2K views

ind the angle of least positive measure in degrees not equal to the given with...

Calculus
1.2K views

Consider the function f x 4x 6x 3 0 1 7 The absolute maximum of...

Calculus
1.2K views

Use the given graphs of the function f left in blue and g right in...

Accounting
1.2K views

Tech Solutions is a consulting firm that uses a job-order costing system. Its...

Accounting
1.2K views

Natalie is thinking of buying a van that will be used only for business. The...

Finance
1.2K views

Assume a corporation has just paid a dividend of $4.35 per share. The dividend is...

Accounting
1.2K views

All-Star Automotive Company experienced the following accounting events during Year 2: Performed...