Blossom Corporation is a publicly traded company and follows IFRS. On December 31, 2022, Blossom's financial records indicated the following information related to the company's defined benefit pension plan: Defined Benefit Obligation Pension Plan Assets Blossom Corporation's actuary provided the following information on December 31, 2023: Current year service cost Prior service cost, granted Jan 1, 2023 Employer contributions for the year Benefits paid to retirees Expected return on assets Actual return on assets Discount rate (a) Balance, January 1, 2023 Current Service Cost $1,360,000 1,520.000 Prior Service Cost Net Interest/Finance Cost Asset Remeasurement Gain/Loss $80,000 Prepare a pension worksheet for Blossom Corporation for 2023. 194,000 Net Funding Entry 84,000 Balance, December 31, 2023 31,000 Employer Contributions to Pension Fund Defined Benefit Expense Entry - 2023 5% 6% Benefits Paid to Retirees from Pension Fund 5% Remeasurement Gain/Loss (OCI) Annual Defined Benefit Expense [

Blossom Corporation is a publicly traded company and follows IFRS. On December 31, 2022, Blossom's financial records indicated the following information related to the company's defined benefit pension plan: Defined Benefit Obligation Pension Plan Assets Blossom Corporation's actuary provided the following information on December 31, 2023: Current year service cost Prior service cost, granted Jan 1, 2023 Employer contributions for the year Benefits paid to retirees Expected return on assets Actual return on assets Discount rate (a) Balance, January 1, 2023 Current Service Cost $1,360,000 1,520.000 Prior Service Cost Net Interest/Finance Cost Asset Remeasurement Gain/Loss $80,000 Prepare a pension worksheet for Blossom Corporation for 2023. 194,000 Net Funding Entry 84,000 Balance, December 31, 2023 31,000 Employer Contributions to Pension Fund Defined Benefit Expense Entry - 2023 5% 6% Benefits Paid to Retirees from Pension Fund 5% Remeasurement Gain/Loss (OCI) Annual Defined Benefit Expense [

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter19: Accounting For Post Retirement Benefits

Section: Chapter Questions

Problem 1E

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ABC Inc. follows IFRS for financial reporting purposes and has established a defined benefit pension plan for its employees. Pertinent details of the plan for the year ended December 31, 2025 are as follows: current service costs, accrued end of year $52,000 past service costs, accrued beginning of year $20,000 benefit payents to retirees, paid evenly throughout the year $85,000 discount rate used by actuary 5% actuarial losses in the year $10,000 pension obligation as at January 1, 2025 $750,000 pension assets as at January 1, 2025 $725,000 What is the balance of the pension obligation at December 31, 2025? Detail explanation, please
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Bonita Company received the following selected information from its pension plan trustee concerning the operation of the company’s defined benefit pension plan for the year ended December 31, 2020. January 1, 2020 December 31, 2020 Projected benefit obligation $1,499,000 $1,527,000 Market-related and fair value of plan assets 802,000 1,127,200 Accumulated benefit obligation 1,622,000 1,742,500 Accumulated OCI (G/L)—Net gain 0 (199,900 ) The service cost component of pension expense for employee services rendered in the current year amounted to $78,000 and the amortization of prior service cost was $120,500. The company’s actual funding (contributions) of the plan in 2020 amounted to $245,000. The expected return on plan assets and the actual rate were both 10%; the interest/discount (settlement) rate was 10%. Accumulated other comprehensive income (PSC) had a balance of $1,205,000 on January 1, 2020. Assume no benefits paid in 2020.…
Crane Company received the following selected information from its pension plan trustee concerning the operation of the company’s defined benefit pension plan for the year ended December 31, 2020. January 1, 2020 December 31, 2020 Projected benefit obligation $1,499,000 $1,527,000 Market-related and fair value of plan assets 802,000 1,127,200 Accumulated benefit obligation 1,622,000 1,742,500 Accumulated OCI (G/L)—Net gain 0 (199,900 ) The service cost component of pension expense for employee services rendered in the current year amounted to $78,000 and the amortization of prior service cost was $120,500. The company’s actual funding (contributions) of the plan in 2020 amounted to $245,000. The expected return on plan assets and the actual rate were both 10%; the interest/discount (settlement) rate was 10%. Accumulated other comprehensive income (PSC) had a balance of $1,205,000 on January 1, 2020. Assume no benefits paid in 2020.…
Crane Company received the following selected information from its pension plan trustee concerning the operation of the company’s defined benefit pension plan for the year ended December 31, 2020. January 1, 2020 December 31, 2020 Projected benefit obligation $1,499,000 $1,527,000 Market-related and fair value of plan assets 802,000 1,127,200 Accumulated benefit obligation 1,622,000 1,742,500 Accumulated OCI (G/L)—Net gain 0 (199,900 ) The service cost component of pension expense for employee services rendered in the current year amounted to $78,000 and the amortization of prior service cost was $120,500. The company’s actual funding (contributions) of the plan in 2020 amounted to $245,000. The expected return on plan assets and the actual rate were both 10%; the interest/discount (settlement) rate was 10%. Accumulated other comprehensive income (PSC) had a balance of $1,205,000 on January 1, 2020. Assume no benefits paid in 2020.…
Crane Company received the following selected information from its pension plan trustee concerning the operation of the company’s defined benefit pension plan for the year ended December 31, 2020. January 1, 2020 December 31, 2020 Projected benefit obligation $1,499,000 $1,527,000 Market-related and fair value of plan assets 802,000 1,127,200 Accumulated benefit obligation 1,622,000 1,742,500 Accumulated OCI (G/L)—Net gain 0 (199,900 ) The service cost component of pension expense for employee services rendered in the current year amounted to $78,000 and the amortization of prior service cost was $120,500. The company’s actual funding (contributions) of the plan in 2020 amounted to $245,000. The expected return on plan assets and the actual rate were both 10%; the interest/discount (settlement) rate was 10%. Accumulated other comprehensive income (PSC) had a balance of $1,205,000 on January 1, 2020. Assume no benefits paid in 2020.…