Calculate the defined benefit expense to be reported

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Reference no: EM133610231

Question: Swiss Chard Ltd. uses IFRS. Presented below is information related to the defined benefit pension plan of Swiss Chard Ltd. for the year 2023:

Defined benefit obligation, January 1 ................... $ 375,000
Fair value of plan assets, January 1 ..................... 350,000
Current service cost .............................................. 300,000
Interest (discount) rate .......................................... 10%
Expected and actual return on plan assets ........... 9%
Past service cost (as of January 1)....................... 25,000
Actuarial loss ........................................................ 14,900
Contributions to plan ............................................. 290,000
Remeasurement loss on plan assets.................... 11,500
Payments to retirees ............................................. 250,000

Instructions

a) Calculate the defined benefit expense to be reported on the income statement for 2023.

b) Calculate the amount to be shown as OCI for 2023.

c) Calculate the fair value of the plan assets at December 31, 2023.

d) Prepare the journal entries to reflect the accounting for the company's pension plan for the year ended December 31, 2023.

Reference no: EM133610231

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