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Presentation/PPT
27/08/2022
25-2: Quayot Corp. (QC) is provided with the following information related to its defined benefit pension plan for the current year.$Defined benefit obligations, Jan. 180Plan assets, Jan. 164Contribution to the plan assets11Current service cost9Actual return on plan assets2Expected return on plan assets6Past service cost recognized (amortized)5Pension benefits paid4Discount rate10%Net actuarial losses in current year, benefit obligation1Net actuarial losses in current year, plan assets 4QC follows a policy of amortizing (i.e., recognizing) the minimum amount of actuarial gains and losses allowed under IAS 19 in determingpension benefit expense. There were no accumulated 25-2: Quayot Corp. (QC) is provided with the following information related to its defined benefit pension plan for the current year.QC follows a policy of amortizing (i.e., recognizing) the minimum amount of actuarial gains and losses allowed under IAS 19 in determining pension benefit expense.There were no accumulated actuarial gains or losses at the beginning of the current year. The cost of past service benefits granted early in the current year was $8, of which $5 is recognized. To simplify, assume all other transactions and events affecting the obligation and plan assets take place at the end of the period. (a) Prepare a reconciliation of the opening and closing balances for the current year for the pension benefit obligation and for the plan assets.(b) Determine the pension expense for the current year.(c) If the balance in the pension benefit liability account is $16 at the beginning of the year, what is its ending balance?(d) If QC had chosen different, but acceptable, GAAP policies for calculating its pension expense and liability, what pension expense would have been reported?
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