Carla Vista Corp. provides the following information about its post-retirement health-care benefit plan for the year 2023:Current service costContribution to the planActual return on plan assets$204,00047,850142,40085,000Benefits paidPlan assets at January 1, 20231,599,500Defined post-retirement benefit obligation at January 1, 20231,819,000Discount rate9%Assume all pension transactions occur at the end of the year.(a1)Assuming Carla Vista applies IFRS, complete a post-retirement work sheet for 2023.Post RetirementItemRemeas. (Gain)/Loss (OCI)Benefit ExpenseOpening balanceService costNet interest/finance costRemeasurement loss-assetContributionsBenefits paidExpense entryFunding entryEnding balance<><>>General Journ><>>

A pension worksheet helps to know about the benefits or losses from the particular scheme. It is…

Carla Vista Corp. provides the following information about its post-retirement health-care benefit plan for the year 2023: Current service cost Contribution to the plan Actual return on plan assets Benefits paid Plan assets at January 1, 2023 $204,000 47,850 142,400 85,000 1.599.500 Defined post-retirement benefit obligation at January 1, 2023 1,819,000 Discount rate 9%

Carla Vista Corp. provides the following information about its post-retirement health-care benefit plan for the year 2023: Current service cost Contribution to the plan Actual return on plan assets Benefits paid Plan assets at January 1, 2023 $204,000 47,850 142,400 85,000 1.599.500 Defined post-retirement benefit obligation at January 1, 2023 1,819,000 Discount rate 9%

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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(Post-Retirement Benefit Expense Calculation and Entries, IFRS, ASPE) Opsco Corp. provides the following information about its post-retirement health-care benefit plan for the year 2023: Current service cost $ 202,500 Contribution to the plan 47,250 Actual return on plan assets 141,750 Benefits paid 90,000 Plan assets at January 1, 2023 1,597,500 Defined post-retirement benefit obligation at January 1, 2023 1,822,500 Discount rate 9% Instructions Assuming Opsco follows IFRS, calculate the post-retirement benefit expense for 2023, and prepare all required journal entries related to the post-retirement benefit plan that were made by the company in 2023. Assuming Opsco follows ASPE, calculate the post-retirement benefit expense for 2023, and prepare all required journal entries related to the post-retirement benefit plan that were made by the company in 2023.
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