Defined benefit obligation, January 1 200,000 Fair value of plan assets, January 1 180,000 Current service cost 27,000 Contributions to plan 25,000 Actual and expected return on plan assets 9,000 Benefits paid to retirees 40,000 Interest (discount) rate 10% The balance of the defined benefit obligation at December 31, 2023 is

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Peach Corporation uses IFRS.
Presented below is information relate
to Peach Corporation's defined benet
pension plan for calendar 2023:
Defined benefit obligation, January 1
200,000
Fair value of plan assets, January 1
180,000
Current service cost 27,000
Contributions to plan 25,000
Actual and expected return on plan
assets 9,000
Benefits paid to retirees 40,000
Interest (discount) rate 10%
The balance of the defined benefit
obligation at December 31, 2023 is
a) $185,000.
b) $187,000.
c) $207,000.
d) $245,000.
Transcribed Image Text:Peach Corporation uses IFRS. Presented below is information relate to Peach Corporation's defined benet pension plan for calendar 2023: Defined benefit obligation, January 1 200,000 Fair value of plan assets, January 1 180,000 Current service cost 27,000 Contributions to plan 25,000 Actual and expected return on plan assets 9,000 Benefits paid to retirees 40,000 Interest (discount) rate 10% The balance of the defined benefit obligation at December 31, 2023 is a) $185,000. b) $187,000. c) $207,000. d) $245,000.
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