Presented below is information related to Peach Corporation’s defined benefit pension plan for calendar 2017. The...
Presented below is information related to Peach Corporation’s defined benefit pension plan for calendar 2017. The corporation uses IFRS.
Defined benefit obligation, Jan 1............................. $200,000
Fair value of plan assets, Jan 1............................... 180,000
Current service cost................................................... 27,000
Contributions to plan................................................. 25,000
Actual and expected return on plan assets............ 9,000
Benefits paid to retirees............................................. 40,000
Interest (discount) rate............................................... 10%
The fair value of the plan assets at December 31, 2017 is:
a) $187,000.
b) $174,000.
c) $165,000.
d) $149,000.
Homework Answers
answer b) and here's the calculation:
Fair value of Plan assets, Jan 1 180,000
Add: Contributions to Plan 25,000
Add: Actual & Expected return on plan assets 9,000
Less: Benefits paid to retirees 40,000
Fair value of Plan assets, Dec 31 1,74,000
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