Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN: 9781337788281
Author: James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher: Cengage Learning
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Transcribed Image Text: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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