Reference no: EM132794957
Question - Suval Corp. sponsors a defined benefit plan for its employee group. At the end of December 2019, (the year end of Suval Corp), the pension plan had a defined benefit obligation of $85,000. The fair value of the assets administered by the pension plan trustee was $130,000. The following information is provided related to the plan for 2020.There was no accumulated OCI at the end of 2019.
2020
Actuarial revaluation- DBO decreased $23,000
Funding of Plan assets during the year $95,500
Current service cost $95,000
Benefits paid to retirees $80,000
Past service cost effective December 31 2020 $40,000
Actual return on Plan Assets $18,000
The company has a December 31st, year-end. The plan is non-contributory.
The company's long-term debt is subject to a 9% discount rate and is the rate to be used for 2020 for expected rate return and interest cost. Suval Corp follows IFRS.
Required - On your answer excel spreadsheet that was provided prepare the pension worksheet showing all relevant amounts for 2020 with respect to Suval Corp's defined benefit pension plan.
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