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On January 1,2023, xyz Ltd. reported the following balances relating to its defined benefit...

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Question

Accounting

On January $1, 2023,$ xyz Ltd $.$ reported the following balances relating to its

defined benefit pension plan:

Dec. $31, 2023$ Jan. $1, 2023$

Defined benefit obligation $. . . . . . . . . . . . . . . . . . . .$ $ $1, 261, 000$ $ $1, 200, 000$

Fair value of plan assets $. . . . . . . . . . . . . . . . . . . . . . 1, 266, 000 1, 170, 000$

Current service cost $. . . . . . . . . . . . . . . . . . . . . . . . . . . . .$ $ $95, 000$

Contributions to the plan $. . . . . . . . . . . . . . . . . . . . . . 104, 000$

Benefits paid $. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100, 000$

Actual return on plan assets $. . . . . . . . . . . . . . . . ($ b $)$

Interest $($ discount $)$ rate $. . . . . . . . . . . . . . . . . . . . . . . . . ($ a $)$

Defined benefit expense $. . . . . . . . . . . . . . . . . . . . . . ($ c $)$

Instructions

a $)$ Calculate the discount rate.

b $)$ Calculate the actual return on plan assets.

c $)$ Calculate the defined benefit expense for $2023 .$

d $)$ Prepare the journal entries to record the defined benefit expense and the

contributions for $2023 .$

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