FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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The following information is available for BDM Corporation's defined benefit pension plan:
Defined benefit obligation, opening balance, accounting basis
Fair value of plan assets
Current service cost
Discount rate
Actual return earned on plan assets
Contributions (funding)
Benefits paid to retirees
(a)
2023
2024
Your answer is partially correct.
2025
Asset/Liability
Llability
Liability
Liability
$
$
2023
175.000
165,000
35,000
$
7%
Amount
8%
44,000
24,800
2024
On January 1, 2023, BDM amended its pension plan, resulting in past service costs with a present value of $78,200.
?
?
$47,250
7%
6%
Calculate the pension plan's surplus or deficit and the pension liability or asset reported on the December 31, 2023, 2024, and
2025 statements of financial position assuming that BDM accounts for its pension plan under ASPE. (Round answers to O decimal
places, e.g. 5,275.)
44,000
25,000
2025
?
?
$52,500
7%
7%
44,000
28,400
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Transcribed Image Text:The following information is available for BDM Corporation's defined benefit pension plan: Defined benefit obligation, opening balance, accounting basis Fair value of plan assets Current service cost Discount rate Actual return earned on plan assets Contributions (funding) Benefits paid to retirees (a) 2023 2024 Your answer is partially correct. 2025 Asset/Liability Llability Liability Liability $ $ 2023 175.000 165,000 35,000 $ 7% Amount 8% 44,000 24,800 2024 On January 1, 2023, BDM amended its pension plan, resulting in past service costs with a present value of $78,200. ? ? $47,250 7% 6% Calculate the pension plan's surplus or deficit and the pension liability or asset reported on the December 31, 2023, 2024, and 2025 statements of financial position assuming that BDM accounts for its pension plan under ASPE. (Round answers to O decimal places, e.g. 5,275.) 44,000 25,000 2025 ? ? $52,500 7% 7% 44,000 28,400
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