Ff.64. The following information is available for Wilmington Ltd.'s pension plan for the 2022 fiscal year:Defined benefit obligation - As at January 1, 2022 on an accounting basis, before plan amendmentFair value of plan assets as at January 1, 2022Current service costDiscount rateActual return on plan assetsContributions (funding)Benefits paid to retireesREQUIRED:On January 1, 2022, Wilmington Ltd. amended its pension plan, resulting in past service costs with a present value of $150,325. Wilmington follows ASPE.A. Prepare a 2022 pension work sheet for Wilmington Ltd.B. Calculate pension expense for the 2022 fiscal year.257,750335,10063,60012.5%C. Determine the balance of the net defined benefit liability/asset reported on the December 31, 2022 balance sheet.D. Prepare the journal entries to record the pension expense and pension funding for the year.10.25%79,43043,950

Defined Benefit Obligations A defined benefit pension plan's "defined benefit obligations" (DBO) are…

REQUIRED: A. Prepare a 2022 pension work sheet for Wilmington Ltd. 8. Calculate pension expense for the 2022 fiscal year. C. Determine the balance of the net defined benefit liability/asset reported on the December 31, 2022 balance sheet. D. Prepare the journal entries to record the pension expense and pension funding for the year.

REQUIRED: A. Prepare a 2022 pension work sheet for Wilmington Ltd. 8. Calculate pension expense for the 2022 fiscal year. C. Determine the balance of the net defined benefit liability/asset reported on the December 31, 2022 balance sheet. D. Prepare the journal entries to record the pension expense and pension funding for the year.

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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