please answer with full working thanks The following information is available for Oriole Corporation's pension plan for the year 2020:Plan assets, January 1, 2020Actual return on plan assetsBenefits paid to retireesContributions (funding)Discount rateDefined benefit obligation, January 1, 2020, accounting basis valuationService costPension expense $Calculate pension expense for the year 2020, assuming that Oriole follows IFRS.DateProvide the entries to recognize the pension expense and funding for the year. (Credit account titles are automatically indented when the amountis entered. Do not indent manually.)Account Titles and ExplanationDecember 31, 2020December 31, 2020Pension ExpenseRemeasurement Gain-OCINet Defined Benefit Liability/Asset$410,00017,00040,30094,10011%506,00066,300Net Defined Benefit Liability/Asset #(To record pension expense and remeasurement loss.)CashDebitCredit100

The pension plan is the retirement plan for the employees, the employer contributes funds to the…

The following information is available for Oriole Corporation's pension plan for the year 2020: Plan assets, January 1, 2020 Actual return on plan assets Benefits paid to retirees Contributions (funding) Discount rate Defined benefit obligation, January 1, 2020, accounting basis valuation Service cost $410,000 17,000 40,300 94,100 11% 506,000 66,300 Calculate pension expense for the year 2020, assuming that Oriole follows IFRS.

The following information is available for Oriole Corporation's pension plan for the year 2020: Plan assets, January 1, 2020 Actual return on plan assets Benefits paid to retirees Contributions (funding) Discount rate Defined benefit obligation, January 1, 2020, accounting basis valuation Service cost $410,000 17,000 40,300 94,100 11% 506,000 66,300 Calculate pension expense for the year 2020, assuming that Oriole follows IFRS.

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 3MC

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Concept explainers

Employee Benefits

In an organization employees are the most important resource and most important asset. They can lead an organization to the sky or can be the reason for unsuccessful of business. Therefore, it is very much important that employees of an organization should be satisfied by the environment of the organization and most importantly with the salary, wages incentives, etc.

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please answer with full working thanks

The following information is available for Oriole Corporation's pension plan for the year 2020:
Plan assets, January 1, 2020
Actual return on plan assets
Benefits paid to retirees
Contributions (funding)
Discount rate
Defined benefit obligation, January 1, 2020, accounting basis valuation
Service cost
Pension expense $
Calculate pension expense for the year 2020, assuming that Oriole follows IFRS.
Date
Provide the entries to recognize the pension expense and funding for the year. (Credit account titles are automatically indented when the amount
is entered. Do not indent manually.)
Account Titles and Explanation
December 31, 2020
December 31, 2020
Pension Expense
Remeasurement Gain-OCI
Net Defined Benefit Liability/Asset
$410,000
17,000
40,300
94,100
11%
506,000
66,300
Net Defined Benefit Liability/Asset #
(To record pension expense and remeasurement loss.)
Cash
Debit
Credit
100

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