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ACC 302 ACC302 ACC/302 Wiley Plus Unit 4 Assignment

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ACC 302 Wiley Plus Unit 4 Assignment (Kaplan)

Exercise 20-1

Exercise 20-5

Exercise 20-7

Midland Company follows U.S. GAAP for its external financial reporting whereas Bailey Company follows IFRS for its external financial reporting. The amount contributed by Midland for its defined contribution plan for 2015 amounted to $55,000 and the amount contributed by Bailey for its defined contribution plan for 2015 amounted to $76,000. The remaining service lives of employees at both firms is estimated to be 10 years. What is the amount of expense related to pension costs recognized by each company in its income statement for the year ended December 31, 2015?

Which of the following is true with regard to pension accounting under U.S. GAAP and IFRS?

Midland Company follows U.S. GAAP for its external financial reporting whereas Bailey Company follows IFRS for its external financial reporting. The remaining service lives of employees at both firms is estimated to be 10 years. The following information is available for each company at December 31, 2015 related to their respective defined-benefit pension plans.

 

 

Midland

 

Bailey

Net of pension assets and liabilities

 

$

110,000

 

 

$

140,000

 

Prior service cost created 1/1/15

 

$

230,000

 

 

$

175,000

 



What is the amount of prior service cost recognized by each company in its income statement for the year ended December 31, 2015?

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