At the End of 2020, Lime Inc

question 23

Multiple Choice

At the end of 2020, Lime Inc. has determined the following adjusted information related to its defined benefit pension plan The corporation uses IFRS. Assume the net defined benefit liability/asset account at January 1, 2020 was nil. If the contribution to plan assets in 2020 is $ 410,000, the pension expense for 2020 is

• A) $ 100,000.
• B) $ 310,000.
• C) $ 410,000.
• D) $ 510,000.

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Definitions:

Budgeted Production

The quantity of products a company plans to produce over a specific period, based on forecasted sales and inventory levels.

Materials Needed

The raw goods and components required for the manufacturing or production of products.

Cash Budget

A financial plan that estimates cash inflows and outflows over a specific period, often used for managing liquidity and ensuring financial stability.

Depreciation Expense

The allocation of the cost of a tangible asset over its useful life, reflecting the decrease in value over time.