Please help me to solve this problem Cullumber Corporation initiated a defined benefit pension plan for its 50 employees on January 1, 2020. The insurance company thatadministers the pension plan provides the following information for the years 2020, 2021, and 2022:Plan assets (fair value)Defined benefit obligationNet actuarial (gain) loss: DBORemeasurement (gain) loss: fund assetsEmployer's funding contribution (made at end of year)For Year Ended December 312020$48,50061,9008,900?48,5002021$85,000?(24,500 )?60,0002022$166,000?84,500(13,200 )95,000There were no balances as at January 1, 2020, when the plan was initiated, because no credit was given for past service. The rate usedto discount the company's pension obligation was 13% in 2020, 11% in 2021, and 8% in 2022. The service cost component of netperiodic pension expense amounted to the following: 2020, $53,000; 2021, $85,000; and 2022, $118,000. No benefits were paid in2020, but $28,000 was paid in 2021, and $34,000 in 2022. (All benefits were paid and all actuarial gains and losses were determinedat the end of the year.) The company applies ASPE. Prepare a continuity schedule for the plan assets over the three-year period. (Round answers to O decimal places, e.g. 5,275. Enternegative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45). Do not leave any answer field blank.Enter O for amounts.)Plan Assets at Beginning of YearActual Return on AssetsBenefits Paid OutContributionsPlan Assets at Beginning of Year V$$Cullumber CorporationContinuity Schedule of Plan Assets2020$$2021tA$LA$2022

Business Continuity Plan :— it Include step by step Procedure. BCP is only required when there is a…

Prepare a continuity schedule for the plan assets over the three-year period. (Round answers to O decimal places, e.g. 5,275. Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45). Do not leave any answer field blank. Enter O for amounts.) Plan Assets at Beginning of Year Actual Return on Assets Benefits Paid Out Contributions Plan Assets at Beginning of Year V $ $ Cullumber Corporation Continuity Schedule of Plan Assets 2020 $ $ 2021 $ $ 2022

Prepare a continuity schedule for the plan assets over the three-year period. (Round answers to O decimal places, e.g. 5,275. Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45). Do not leave any answer field blank. Enter O for amounts.) Plan Assets at Beginning of Year Actual Return on Assets Benefits Paid Out Contributions Plan Assets at Beginning of Year V $ $ Cullumber Corporation Continuity Schedule of Plan Assets 2020 $ $ 2021 $ $ 2022

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter19: Accounting For Post Retirement Benefits

Section: Chapter Questions

Problem 4E

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