ex 19 92 measuring and recording pension expense the following information relates t 4314570

ex 19 92 measuring and recording pension expense the following information relates t 4314570

Ex. 19-92Measuring and recording pension expense

The following information relates to the defined benefit pension plan for Huckleberry Ltd. for 2017.The corporation uses IFRS.

Current service cost………………………$260,000

Contributions…………………………..250,000

Interest rate for obligation………………….10%

Expected & actual return on plan assets………..9%

Defined benefit obligation, Jan 1……………..240,000

Fair value of plan assets, Jan 1………………180,000

Actuarial gain…………………………..24,000

Instructions

a)Calculate the pension expense to be reported for 2017.

b)Prepare the journal entries to record pension expense and the employer's contributions for 2017.

Ex.19-93Measuring and recording pension expense

The following information relates to the defined benefit pension plan for Strawberry Ltd. for 2017. The corporation uses ASPE.

Current service cost………………………$348,000

Contributions…………………………..321,000

Interest rate for obligation………………….9%

Expected & actual return on plan assets………..8%

Defined benefit obligation, Jan 1……………..367,000

Fair value of plan assets, Jan 1………………225,000

Actuarial loss…………………………..10,000

Instructions

a)Calculate the pension expense to be reported for 2017.

b)Prepare the journal entries to record pension expense and the employer's contributions for 2017.

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