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8 February, 00:04

Ivanhoe Company provides the following information about its defined benefit pension plan for the year 2017. Service cost $89,400 Contribution to the plan 104,800 Prior service cost amortization 9,700 Actual and expected return on plan assets 64,400 Benefits paid 40,800 Plan assets at January 1, 2017 627,300 Projected benefit obligation at January 1, 2017 697,700 Accumulated OCI (PSC) at January 1, 2017 149,700 Interest/discount (settlement) rate 10 % Prepare a pension worksheet inserting January 1, 2017, balances, showing December 31, 2017.

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  1. 8 February, 01:26
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    Item Projected Benefit Obligation Planned Asset

    Opening Balance (697,700) 627,300

    Service Costs (89,400)

    Interest Costs (6,977)

    Actual Returns 64,400

    Contributions 104,800

    Benefits Paid 40,800 (40,800)

    Balance at 31 Dec 753,277 755,700

    Explanation:

    Ivanhoe Company provides the following information about its defined benefit pension plan for the year 2017.

    Service cost $89,400

    Contribution to the plan 104,800

    Prior service cost amortization 9,700

    Actual and expected return on plan assets 64,400

    Benefits paid 40,800

    Plan assets at January 1, 2017 627,300

    Projected benefit obligation at January 1, 2017 697,700

    Accumulated OCI (PSC) at January 1, 2017 149,700 Interest/discount (settleme

    Item Pension Expense Cash PSC Gain/Loss Pension Asset/Liabiity

    Service Costs 89,400

    Interest Costs 6,977

    Past Service Costs ... 149,700

    Actual Returns (64,400)

    Contributions ... (104,800)

    ...

    TOTAL 31,977 (104,800) 149,700 ... 222,223

    Item Projected Benefit Obligation Planned Asset

    Opening Balance (697,700) 627,300

    Service Costs (89,400)

    Interest Costs (6,977)

    Actual Returns 64,400

    Contributions 104,800

    Benefits Paid 40,800 (40,800)

    Balance at 31 Dec 753,277 755,700
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