Pension plan: This is the plan devised by corporations to pay the employees an income after their retirement, in the form of pension. Pension expense: Pension expense is an expense to the employer paid as compensation after the completion of services performed by the employees. To indicate: The amount related to pension plan reported by O Depot, as at December 31, 2015

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Answer 1

Question

Chapter 17, Problem 17.21P

(1)

To determine

Pension plan: This is the plan devised by corporations to pay the employees an income after their retirement, in the form of pension.

Pension expense: Pension expense is an expense to the employer paid as compensation after the completion of services performed by the employees.

To indicate: The amount related to pension plan reported by O Depot, as at December 31, 2015

(2)

To determine

To indicate: The amortization of net loss reported by O Depot, as at December 31, 2015

(3)

To determine

Pension expense as at December 31, 2015 for O Depot

(4)

To determine

To journalize: Entries related to pension expense and entries to record gains or losses related to the pension plan.

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Question 1: EMPLOYEE BENEFITS

QUESTION 3 Bacon Bad is a national diner that has set up a defined benefit pension plan for its employees. The company uses IFRS and has provided you with the following information pertaining to its pension plan: Pension obligation, December 31,2021 - $6854203 Plan assets, December 31, 2021 - $5906519 Interest rate on pension obligations - 3% Current service cost for the year (accrued at the end of the year) - $598059 Improvement in pension plan, effective on January 1, 2022 - $62000 Actuarial gain on change in assumptions - $0 Expected retum on plan assets -3% of plan assets Actual return on plan assets - $271186 Amounts remitted by employer to pension trust on January 1,2022 - $668416 Payments we do not need payment to retiree

Answer 2

Question

Chapter 17, Problem 17.21P

(1)

To determine

Pension plan: This is the plan devised by corporations to pay the employees an income after their retirement, in the form of pension.

Pension expense: Pension expense is an expense to the employer paid as compensation after the completion of services performed by the employees.

To indicate: The amount related to pension plan reported by O Depot, as at December 31, 2015

(2)

To determine

To indicate: The amortization of net loss reported by O Depot, as at December 31, 2015

(3)

To determine

Pension expense as at December 31, 2015 for O Depot

(4)

To determine

To journalize: Entries related to pension expense and entries to record gains or losses related to the pension plan.

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Answer 3

Question

Chapter 17, Problem 17.21P

(1)

To determine

Pension plan: This is the plan devised by corporations to pay the employees an income after their retirement, in the form of pension.

Pension expense: Pension expense is an expense to the employer paid as compensation after the completion of services performed by the employees.

To indicate: The amount related to pension plan reported by O Depot, as at December 31, 2015

(2)

To determine

To indicate: The amortization of net loss reported by O Depot, as at December 31, 2015

(3)

To determine

Pension expense as at December 31, 2015 for O Depot

(4)

To determine

To journalize: Entries related to pension expense and entries to record gains or losses related to the pension plan.

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Answer 4

Question

Chapter 17, Problem 17.21P

(1)

To determine

Pension plan: This is the plan devised by corporations to pay the employees an income after their retirement, in the form of pension.

Pension expense: Pension expense is an expense to the employer paid as compensation after the completion of services performed by the employees.

To indicate: The amount related to pension plan reported by O Depot, as at December 31, 2015

(2)

To determine

To indicate: The amortization of net loss reported by O Depot, as at December 31, 2015

(3)

To determine

Pension expense as at December 31, 2015 for O Depot

(4)

To determine

To journalize: Entries related to pension expense and entries to record gains or losses related to the pension plan.

Expert Solution & Answer

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Answer 5

Chapter 17, Problem 17.21P

(1)

To determine

Pension plan: This is the plan devised by corporations to pay the employees an income after their retirement, in the form of pension.

Pension expense: Pension expense is an expense to the employer paid as compensation after the completion of services performed by the employees.

To indicate: The amount related to pension plan reported by O Depot, as at December 31, 2015

(2)

To determine

To indicate: The amortization of net loss reported by O Depot, as at December 31, 2015

(3)

To determine

Pension expense as at December 31, 2015 for O Depot

(4)

To determine

To journalize: Entries related to pension expense and entries to record gains or losses related to the pension plan.

Answer 6

Chapter 17, Problem 17.21P

(1)

To determine

Pension plan: This is the plan devised by corporations to pay the employees an income after their retirement, in the form of pension.

Pension expense: Pension expense is an expense to the employer paid as compensation after the completion of services performed by the employees.

To indicate: The amount related to pension plan reported by O Depot, as at December 31, 2015

Answer 7

Chapter 17, Problem 17.21P

(1)

To determine

Pension plan: This is the plan devised by corporations to pay the employees an income after their retirement, in the form of pension.

Pension expense: Pension expense is an expense to the employer paid as compensation after the completion of services performed by the employees.

To indicate: The amount related to pension plan reported by O Depot, as at December 31, 2015

Answer 8

(2)

To determine

To indicate: The amortization of net loss reported by O Depot, as at December 31, 2015

Answer 9

(2)

To determine

To indicate: The amortization of net loss reported by O Depot, as at December 31, 2015

Answer 10

(3)

To determine

Pension expense as at December 31, 2015 for O Depot

Answer 11

(3)

To determine

Pension expense as at December 31, 2015 for O Depot

Answer 12

(4)

To determine

To journalize: Entries related to pension expense and entries to record gains or losses related to the pension plan.

Answer 13

(4)

To determine

To journalize: Entries related to pension expense and entries to record gains or losses related to the pension plan.

Answer 14

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Answer 15

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Answer 16

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Answer 17

Ch. 17 - Prob. 17.1Q Ch. 17 - Prob. 17.2Q Ch. 17 - Prob. 17.3Q Ch. 17 - What is the vested benefit obligation?Ch. 17 - Prob. 17.5Q Ch. 17 - Prob. 17.6Q Ch. 17 - Name three events that might change the balance of...Ch. 17 - Prob. 17.8Q Ch. 17 - Prob. 17.9Q Ch. 17 - Prob. 17.10Q

Solution Summary: The author explains that pension plan is devised by corporations to pay employees an income after their retirement, in the form of pension.

Concept explainers

To indicate: The amortization of net loss reported by O Depot, as at December 31, 2015

Pension expense as at December 31, 2015 for O Depot

To journalize: Entries related to pension expense and entries to record gains or losses related to the pension plan.

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Chapter 17 Solutions