Determine amount at which white river company will report

Assignment Help Accounting Basics
Reference no: EM131705254

Question: White River Company has a defined benefit pension plan in which the fair value (FV) of plan assets exceeds the present value of defined benefit obligations (PVDBO). The following information is available at December 31, Year 1 (amounts in millions):

PVDBO                                              $3,200

FV of plan assets                                 3,700

Unrecognized actuarial gains                      90

Unrecognized past service cost                  50

Because the FV of plan assets exceeds the PVDBO, White River will be able to reduce future contributions to the plan for several years. The present value of reductions in future contributions is $100 million.

Required: Determine the amount at which White River Company will report a defined pension benefit asset on its December 31, Year 1 balance sheet under

(a) IFRS and

(b) U.S. GAAP.

Reference no: EM131705254

Questions Cloud

Discuss ethnicity under the postcolonial moment : cultural theoretical thought on historical and temporal forms of ethnicity under the postcolonial moment
Overcome static friction and the object slides : A mass lies on a horizontal surface with friction, initially at rest. A constant force of 6.2 Newtons is applied to the object in the +x direction
Coefficient of kinetic friction : A mass of 8 kg lies on a horizontal surface with friction, initially at rest. The coefficient of static friction is 1.46 and the coefficient of kinetic friction
Prepare the trial balance of paws at october : Question - During October 2016, Paws Veterinary Clinic completed the following transactions: Prepare the trial balance of Paws at October 31, 2016
Determine amount at which white river company will report : Determine the amount at which White River Company will report a defined pension benefit asset on its December 31, Year 1 balance sheet.
Implementation of performance management system : the case of litigation related to the implementation of a performance management system and explain each concept.
Weight hanging on the other side of the pulley weighs : Determine the force that the table exerts on the box if the weight hanging on the other side of the pulley weighs each of the following.
Who were the first cultures the mayans chose to practice : Why were the Mayans so different from other cultures around them? Were they mostly isolated and if so when did they begin to reach out?
Discuss a technique for developing a vision : Discuss a technique for developing a vision called "Vision as Story-Telling". Use this technique to develop your own personal vision statement.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Determined the market value of the land

Determined the market value of the land to be $18,000 at the end of the accounting period.

  Interest in financial information about company

Boeing Company is the largest manufacture of commercial aircraft in the United States and is a major employer in Seattle, Washington. Explain why each of the following individuals or organizations would be interested in financial information about..

  What types of unethical behaviors

What types of unethical behaviors should we expect to see from our Clients? Also, how do we interpret "honest" mistakes from intentional fraud?

  Why should a petty cash fund be reimbursed

Organize the class into teams. Each team must prepare a list of 10 internal controls a consumer could observe in a typical retail department store.

  Create t-accounts for the accounts on the balance sheet

Create T-accounts for each of the accounts on the balance sheet and enter the balances at the end of 2005 asbeginning balances on January 1, 2006.

  Following is selected financial information for kasio co.

Following is selected financial information for Kasio Co. for the year ended December 31, 2013.

  What is the most important role of management accounting?

Review the roles of management accounting within a company. What is the most important role of management accounting? How is that different than financial accounting?

  Affinity toasters produces top-quality bagel and bun

affinity toasters produces top-quality bagel and bun toasters. the jessie princess production process requires four

  Compute the total cash budgeted to be collected in march

Compute the total cash budgeted to be collected in March, if sales forecasts are $369,000 for January, $440,000 for February, $480,000 for March

  Consolidation of variable interest entities

Financial interpretation No. 46R, "Consolidation of Variable Interest Entities," reference several FASB Concepts Statements in motivating the need to identify and consolidate variable interest entities.

  Computing yearly production numbers

A company produces and sells pillows. It expects to sell 10,000 pillows in the year 2012 and had 1,000 pillows in finished goods inventory at the end of 2011.

  Understanding of industry security practices

The following assessment gives you the opportunity to demonstrate your knowledge of participants in the financial services industry, understanding of industry security practices, the role of one of the financial regulators and the legislation unde..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd