Reference no: EM132612064
Problem - Dharma Initiative, Inc., has a defined benefit pension plan. Characteristics of the plan during 2016 are as follows:
The expected long-term rate of return on plan assets was 8%. There were no AOCI balances related to pensions on January 1, 2016, but at the end of 2016, the company amended the pension formula creating a prior service cost of $24 million. Dharma Initiative prepares its financial statements according to International Financial Reporting Standards (IFRS).
($ in 000s) DBO balance, January 1 $960
Plan assets balance, January 1600
Service cost 150
Interest cost (10%) 96
Gain from change in actuarial assumption 44
Benefits paid (72)
Actual return on plan assets 40
Contributions 2016 120
Required -
1. Calculate the pension expense for 2016.
2. Make the journal entry to record pension expense, gains or losses, past service cost, funding, and payment of benefits for 2016.
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