Solution-Prepare journal entries for the past service cost

Prepare journal entries for the past service cost

Assignment Help Accounting Basics

Reference no: EM132863219

Question - On January 1, 2017, Xiamen Company made amendments to its defined benefit pension plan that resulted in 61,600 yuan of past service cost. The plan has 5,160 active employees with an average expected remaining working life of 16 years. There currently are no retirees under the plan.

Assume that a foreign company using IFRS is owned by a company using U.S. GAAP. Thus, IFRS balances must be converted to U.S. GAAP to prepare consolidated financial statements. Ignore income taxes.

Required -

Prepare journal entries for the past service cost for the years ending December 31, 2017, and December 31, 2018, under (1) IFRS and (2) U.S. GAAP.

Prepare the entry(ies) that the U.S. parent would make on the December 31, 2017, and December 31, 2018, conversion worksheets to convert IFRS balances to U.S. GAAP.

Reference no: EM132863219

Questions Cloud

What specific events directly influenced decision makers : What specific events directly influenced decision makers to support the Kim Project of returning Kim Dae Jung safely to South Korea?

Calculate the duration of shortage in each period : Demand for this catalyst is estimated to be 5000 kilogram per year, Calculate the duration of shortage in each period

Challenges in developing analytical model : What are the possible data challenges in developing any analytical model?

What can craig do to quickly and easily fix : Craig is a writer who has compiled a spreadsheet full of quotations from various scholars and celebrities that he's compiled for his book.

Prepare journal entries for the past service cost : Prepare journal entries for the past service cost for the years ending December 31, 2017, and December 31, 2018, under (1) IFRS and (2) U.S. GAAP

Research the religious pilgrimage taken by muslims to makkah : Research the religious pilgrimage taken by Muslims to Makkah (Mecca). Make a visual presentation (Google Slides) describing the event in its entirety.

History of sponsoring projects : The U.S. Department of Defense has a long history of sponsoring projects that have questionable usefulness.

What was the cost that anf incurred to acquire inventory : ANF reported Cost of Goods Sold of $1,408,848 (thousand) for its fiscal year 2017. What was the cost that ANF incurred to acquire inventory

Does change or reinforce understanding of the time period : Is there a moral story or other lesson that the story is trying to express? Does this change or reinforce your understanding of the time period?

User Account

All Pages

Prepare journal entries for the past service cost

Reference no: EM132863219

Reference no: EM132863219

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

How much control does fed have over this longer real rate

Coures:- fundamental accounting principles

Accounting problems

Theory of interest - term structure of interest rates

Write a report on internal controls

Prepare the bank reconciliation for company

Cost-benefit analysis

Theory of interest

Liquidity and profitability

What is the expected risk premium on the portfolio

Simple interest and compound interest

Capm and venture capital

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT