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The following information is available for Ivanhoe Corporation's pension plan for the year 2020: Plan assets, January 1, 2020 $390,000 Actual return on plan assets 17,000 Benefits paid to retirees 40,300 Contributions (funding) 94,300 Discount rate 12% Defined benefit obligation, January 1, 2020, accounting basis valuation 519.000 Service cost 66,700 Calculate pension expense for the year 2020, assuming that Ivanhoe follows IFRS. Pension expense 2$ 111980

The following information is available for Ivanhoe Corporation's pension plan for the year 2020: Plan assets, January 1, 2020 $390,000 Actual return on plan assets 17,000 Benefits paid to retirees 40,300 Contributions (funding) 94,300 Discount rate 12% Defined benefit obligation, January 1, 2020, accounting basis valuation 519.000 Service cost 66,700 Calculate pension expense for the year 2020, assuming that Ivanhoe follows IFRS. Pension expense 2$ 111980

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 9RE: Given the following information for Tyler Companys pension plan at the beginning of the year,...
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The following information is available for Ivanhoe Corporation's pension plan for the year 2020: Plan assets, January 1, 2020 $390,000 Actual return on plan assets 17,000 Benefits paid to retirees 40,300 Contributions (funding) 94,300 Discount rate 12% Defined benefit obligation, January 1, 2020, accounting basis valuation 519,000 Service cost 66,700 Calculate pension expense for the year 2020, assuming that Ivanhoe follows IFRS. Pension expense 2$ 111980
Transcribed Image Text:The following information is available for Ivanhoe Corporation's pension plan for the year 2020: Plan assets, January 1, 2020 $390,000 Actual return on plan assets 17,000 Benefits paid to retirees 40,300 Contributions (funding) 94,300 Discount rate 12% Defined benefit obligation, January 1, 2020, accounting basis valuation 519,000 Service cost 66,700 Calculate pension expense for the year 2020, assuming that Ivanhoe follows IFRS. Pension expense 2$ 111980
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.) Date Account Titles and Explanation Debit Credit December 31, 2020 (To record pension expense and remeasurement loss.) December 31, 2020 Net Defined Benefit Liability/Asset Pension Expense on fund.) Contributions Pension Contributions Payable Cash eTextbook and N Remeasurement Gain - OCI Remeasurement Loss - OCI Calculate pension expense for the year 2020, assuming that Ivanhoe follows ASPE, and its accounting policy is to use an accounting basis valuation for its defined benefit obligation. Pension expense $ 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.) Date Account Titles and Explanation Debit Credit December 31, 2020 (To record pension expense.) December 31, 2020 Pension Expense Cash on fund.) Pension Contributions Payable Net Defined Benefit Liability/Asset Contributions eTextbook and Me
Transcribed Image Text: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.) Date Account Titles and Explanation Debit Credit December 31, 2020 (To record pension expense and remeasurement loss.) December 31, 2020 Net Defined Benefit Liability/Asset Pension Expense on fund.) Contributions Pension Contributions Payable Cash eTextbook and N Remeasurement Gain - OCI Remeasurement Loss - OCI Calculate pension expense for the year 2020, assuming that Ivanhoe follows ASPE, and its accounting policy is to use an accounting basis valuation for its defined benefit obligation. Pension expense $ 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.) Date Account Titles and Explanation Debit Credit December 31, 2020 (To record pension expense.) December 31, 2020 Pension Expense Cash on fund.) Pension Contributions Payable Net Defined Benefit Liability/Asset Contributions eTextbook and Me
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