Reference no: EM132494919
Question - Presented below is information related to the defined benefit pension plan of Chard Ltd. for the year ended December 31, 2018.
Defined benefit obligation, January 1, 2018 $405,290
Plan assets, January 1, 2018 $352,786
Current service cost $362,384
Discount rate 11%
Actuarial loss $13,247
Contributions to plan $254,003
Re-measurement loss on plan assets $11,547
Payments to retirees 269,181
On January 1, 2018, the plan was amended to improve the retirement benefits, resulting in an increase in the defined benefit obligation of $61,003.
Required -
a) Make a pension worksheet for Chard's pension plan for the 2018 year.
b) Make the journal entries required by Chard for the pension plan in 2018. Following IFRS and ASPEN
c) Determine the funded status of the plan.
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