Moreton Ltd contributes to a defined benefit superannuation plan for its employees. The following information is available for the plan at 30 June 2020. Fair value of plan assets (1/7/2019) Return on plan assets Fair value of plan assets (30/6/2020) Present value of defined benefit obligation (1/7/2019) Present value of defined benefit obligation (30/6/2020) Benefits paid $10 484 000 $733 880 $10 948 000 $10 244 120 $10 654 000 $324 000 The rate of return on plan assets for the financial period is 7% and the discount rate at 1 July 2019 is 6%. REQUIRED: Select the most appropriate accounting treatments and amounts for two following statements. • At 30 June 2020, the net defined benefit is a(n) v with a balance of • For the financial year ended on 30 June 2020, Moreton Ltd should recognise an actuarial v on the plan assets at an amount of
Moreton Ltd contributes to a defined benefit superannuation plan for its employees. The following information is available for the plan at 30 June 2020. Fair value of plan assets (1/7/2019) Return on plan assets Fair value of plan assets (30/6/2020) Present value of defined benefit obligation (1/7/2019) Present value of defined benefit obligation (30/6/2020) Benefits paid $10 484 000 $733 880 $10 948 000 $10 244 120 $10 654 000 $324 000 The rate of return on plan assets for the financial period is 7% and the discount rate at 1 July 2019 is 6%. REQUIRED: Select the most appropriate accounting treatments and amounts for two following statements. • At 30 June 2020, the net defined benefit is a(n) v with a balance of • For the financial year ended on 30 June 2020, Moreton Ltd should recognise an actuarial v on the plan assets at an amount of
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 6E
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Transcribed Image Text:Moreton Ltd contributes to a defined benefit superannuation plan for its employees. The following information is available for the plan at 30 June
2020.
Fair value of plan assets (1/7/2019)
Return on plan assets
Fair value of plan assets (30/6/2020)
Present value of defined benefit obligation (1/7/2019)
Present value of defined benefit obligation (30/6/2020)
Benefits paid
$10 484 000
$733 880
$10 948 000
$10 244 120
$10 654 000
$324 000
The rate of return on plan assets for the financial period is 7% and the discount rate at 1 July 2019 is 6%.
REQUIRED:
Select the most appropriate accounting treatments and amounts for two following statements.
• At 30 June 2020, the net defined benefit is a(n)
v with a balance of
• For the financial year ended on 30 June 2020, Moreton Ltd should recognise an actuarial
v on the plan assets at an amount of
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