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Calculate amounts that will appear in financial statements

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Reference no: EM133051360

Question - Penco Ltd. operates a defined benefit pension scheme for all of its employees. The closing balances on the scheme assets and liabilities, at 31 December 2016, were $60 million and $64 million respectively.

Penco's actuary has provided the following information that has yet to be accounted for in the year-ended 31 December 2017.

$m

Current service cost 9

Past service cost 8

Contributions paid in 5

Benefits paid out 6

Fair value of plan asset 66

Fair value of plan liabilities 75

Yield on high quality corporate bonds 5%

Required - Calculate the amounts that will appear in the financial statements of Penco for the year-ended 31 December 2017.

Reference no: EM133051360

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