The following defined benefit pension data of Carla Vista Corp. apply to the year 2020:

Defined benefit obligation, funding basis, 1/1/20 (before amendment) $419,000

Plan assets, 1/1/20 408,600

Net defined benefit liability, 1/1/20 10,400

On January 1, 2020, Carla Vista Corp., through a plan amendment, granted
prior service benefits having a present value of 53,300

Interest/discount rate 9%

Annual pension service cost 43,500

Contributions (funding) 41,400

Actual return on plan assets 39,300

Benefits paid to retirees 30,100

The company applies ASPE and has made an accounting policy choice to base its actuarial valuation of the DBO on the funding basis.

New attempt is in progress. Some of the new entries may impact the last attempt grading.Your answer is partially correct.

Prepare a continuity schedule for the DBO for 2020. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

Carla Vista Corp.
Continuity Schedule
choose the accounting period                                                                      For the Year Ended December 31, 2020For the Month Ended December 31, 2020December 31, 2020

select an opening name                                                                      Defined Benefit Obligation, 1/1/20Defined Benefit Obligation, 12/31/20Benefits Paid OutPast Service CostCurrent Service CostInterest Cost
$enter a dollar amount

select an item                                                                      Interest CostDefined Benefit Obligation, 1/1/20Past Service CostCurrent Service CostDefined Benefit Obligation, 12/31/20Benefits Paid Out
enter a dollar amount

enter a subtotal of the two previous amounts

select an item                                                                      Interest CostPast Service CostDefined Benefit Obligation, 12/31/20Defined Benefit Obligation, 1/1/20Benefits Paid OutCurrent Service Cost
enter a dollar amount

select an item                                                                      Defined Benefit Obligation, 1/1/20Benefits Paid OutInterest CostDefined Benefit Obligation, 12/31/20Past Service CostCurrent Service Cost
enter a dollar amount

select an item                                                                      Interest CostDefined Benefit Obligation, 1/1/20Current Service CostDefined Benefit Obligation, 12/31/20Past Service CostBenefits Paid Out
enter a dollar amount

select a closing name                                                                      Defined Benefit Obligation, 1/1/20Defined Benefit Obligation, 12/31/20Current Service CostBenefits Paid OutPast Service CostInterest Cost
$enter a total amount

Partially correct answer iconYour answer is partially correct.

Prepare a continuity schedule for the plan assets for 2020. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

Carla Vista Corp.
Continuity Schedule
choose the accounting period                                                                      For the Year Ended December 31, 2020For the Month Ended December 31, 2020December 31, 2020

select an opening name                                                                      Plan Assets, 1/1/20Actual Return on Plan AssetsBenefits Paid OutContributionsPlan Assets, 12/31/20
$enter a dollar amount

select an item                                                                      Actual Return on Plan AssetsContributionsPlan Assets, 12/31/20Benefits Paid OutPlan Assets, 1/1/20
enter a dollar amount

select an item                                                                      ContributionsPlan Assets, 1/1/20Actual Return on Plan AssetsPlan Assets, 12/31/20Benefits Paid Out
enter a dollar amount

select an item                                                                      ContributionsBenefits Paid OutPlan Assets, 1/1/20Plan Assets, 12/31/20Actual Return on Plan Assets
enter a dollar amount

select a closing name                                                                      Plan Assets, 12/31/20Plan Assets, 1/1/20ContributionsBenefits Paid OutActual Return on Plan Assets
$enter a total amount

Partially correct answer iconYour answer is partially correct.

Calculate pension expense for 2020

Pension expense $enter Pension expense in dollars

Question

The following defined benefit pension data of Carla Vista Corp. apply to the year 2020:

Defined benefit obligation, funding basis, 1/1/20 (before amendment)		$419,000
Plan assets, 1/1/20		408,600
Net defined benefit liability, 1/1/20		10,400
On January 1, 2020, Carla Vista Corp., through a plan amendment, granted prior service benefits having a present value of		53,300
Interest/discount rate		9%
Annual pension service cost		43,500
Contributions (funding)		41,400
Actual return on plan assets		39,300
Benefits paid to retirees		30,100

The company applies ASPE and has made an accounting policy choice to base its actuarial valuation of the DBO on the funding basis.

New attempt is in progress. Some of the new entries may impact the last attempt grading.Your answer is partially correct.

Prepare a continuity schedule for the DBO for 2020. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

Carla Vista Corp. Continuity Schedule choose the accounting period For the Year Ended December 31, 2020For the Month Ended December 31, 2020December 31, 2020
select an opening name Defined Benefit Obligation, 1/1/20Defined Benefit Obligation, 12/31/20Benefits Paid OutPast Service CostCurrent Service CostInterest Cost		$enter a dollar amount
select an item Interest CostDefined Benefit Obligation, 1/1/20Past Service CostCurrent Service CostDefined Benefit Obligation, 12/31/20Benefits Paid Out		enter a dollar amount
		enter a subtotal of the two previous amounts
select an item Interest CostPast Service CostDefined Benefit Obligation, 12/31/20Defined Benefit Obligation, 1/1/20Benefits Paid OutCurrent Service Cost		enter a dollar amount
select an item Defined Benefit Obligation, 1/1/20Benefits Paid OutInterest CostDefined Benefit Obligation, 12/31/20Past Service CostCurrent Service Cost		enter a dollar amount
select an item Interest CostDefined Benefit Obligation, 1/1/20Current Service CostDefined Benefit Obligation, 12/31/20Past Service CostBenefits Paid Out		enter a dollar amount
select a closing name Defined Benefit Obligation, 1/1/20Defined Benefit Obligation, 12/31/20Current Service CostBenefits Paid OutPast Service CostInterest Cost		$enter a total amount

Partially correct answer iconYour answer is partially correct.

Prepare a continuity schedule for the plan assets for 2020. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

Carla Vista Corp. Continuity Schedule choose the accounting period For the Year Ended December 31, 2020For the Month Ended December 31, 2020December 31, 2020
select an opening name Plan Assets, 1/1/20Actual Return on Plan AssetsBenefits Paid OutContributionsPlan Assets, 12/31/20		$enter a dollar amount
select an item Actual Return on Plan AssetsContributionsPlan Assets, 12/31/20Benefits Paid OutPlan Assets, 1/1/20		enter a dollar amount
select an item ContributionsPlan Assets, 1/1/20Actual Return on Plan AssetsPlan Assets, 12/31/20Benefits Paid Out		enter a dollar amount
select an item ContributionsBenefits Paid OutPlan Assets, 1/1/20Plan Assets, 12/31/20Actual Return on Plan Assets		enter a dollar amount
select a closing name Plan Assets, 12/31/20Plan Assets, 1/1/20ContributionsBenefits Paid OutActual Return on Plan Assets		$enter a total amount

Partially correct answer iconYour answer is partially correct.

Calculate pension expense for 2020

Pension expense

$enter Pension expense in dollars

Accepted Answer

Interest Cost : Beginning projected benefit obligation x Discount rate
= $419,000 x 0.09
= $37,710