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The following facts apply to the pension plan of Ivanhoe Inc. for the year 2023. Ivanhoe applies ASPE. Plan assets, January 1, 2023 Defined benefit obligation, funding basis, January 1, 2023 Defined benefit obligation, accounting basis, January 1, 2023 Discount/interest rate Annual pension service cost Contributions Actual return on plan assets Benefits paid to retirees $520,000 419,000 520,000 9% 40,400 31,100 53,300 33,800

The following facts apply to the pension plan of Ivanhoe Inc. for the year 2023. Ivanhoe applies ASPE. Plan assets, January 1, 2023 Defined benefit obligation, funding basis, January 1, 2023 Defined benefit obligation, accounting basis, January 1, 2023 Discount/interest rate Annual pension service cost Contributions Actual return on plan assets Benefits paid to retirees $520,000 419,000 520,000 9% 40,400 31,100 53,300 33,800

Intermediate Accounting: Reporting And Analysis
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 4E
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The following facts apply to the pension plan of Ivanhoe Inc. for the year 2023. Ivanhoe applies ASPE. Plan assets, January 1, 2023 Defined benefit obligation, funding basis, January 1, 2023 Defined benefit obligation, accounting basis, January 1, 2023 Discount/interest rate Annual pension service cost Contributions Actual return on plan assets Benefits paid to retirees $520,000 419,000 520,000 9% 40,400 31,100 53,300 33,800
Transcribed Image Text:The following facts apply to the pension plan of Ivanhoe Inc. for the year 2023. Ivanhoe applies ASPE. Plan assets, January 1, 2023 Defined benefit obligation, funding basis, January 1, 2023 Defined benefit obligation, accounting basis, January 1, 2023 Discount/interest rate Annual pension service cost Contributions Actual return on plan assets Benefits paid to retirees $520,000 419,000 520,000 9% 40,400 31,100 53,300 33,800
Calculate defined benefit expense for the year 2023, and provide the entries to recognize the expense and contributions for the year assuming that Ivanhoe has chosen the funding measure of its defined benefit obligation as its accounting policy choice. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Defined benefit expense $ Date Account Titles and Explanation December 31, 2023 December 31, 2023 (To record defined benefit expense) (To record contributions to the pension fund) Debit Credit
Transcribed Image Text:Calculate defined benefit expense for the year 2023, and provide the entries to recognize the expense and contributions for the year assuming that Ivanhoe has chosen the funding measure of its defined benefit obligation as its accounting policy choice. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Defined benefit expense $ Date Account Titles and Explanation December 31, 2023 December 31, 2023 (To record defined benefit expense) (To record contributions to the pension fund) Debit Credit
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