10 At the beginning of the current year, the memorandum records of Anne Company’s defined benefit plan showed the following: Fair value of plan assets P 7,500,000 Defined benefit obligation (11,000,000) Prepaid(accrued) defined benefit exp. (P3,500,000) The entity determined that its current service cost was P1,000,000 and the interest cost is 10%. The expected return on plan assets was 12% but the actual return during the year was 8%. Other related information at the end of the year: Contribution to the plan P1,200,000 Benefits paid to retirees 1,500,000 Decrease in defined benefit obligation due to changes in actuarial assumptions 200,000 The defined benefit obligation at the end of the current year is Group of answer choices P11,800,000 P11,600,000 P10,500,000 P11,400,000

10 At the beginning of the current year, the memorandum records of Anne Company’s defined benefit plan showed the following: Fair value of plan assets P 7,500,000 Defined benefit obligation (11,000,000) Prepaid(accrued) defined benefit exp. (P3,500,000) The entity determined that its current service cost was P1,000,000 and the interest cost is 10%. The expected return on plan assets was 12% but the actual return during the year was 8%. Other related information at the end of the year: Contribution to the plan P1,200,000 Benefits paid to retirees 1,500,000 Decrease in defined benefit obligation due to changes in actuarial assumptions 200,000 The defined benefit obligation at the end of the current year is Group of answer choices P11,800,000 P11,600,000 P10,500,000 P11,400,000

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 7RE

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Pinecone Company has plan assets of 500,000 at the beginning of the current year and expects to earn 12% on its plan assets during the year. Pinecones service cost is 230,000, and its interest cost is 55,000. Compute Pine-cones pension expense for the current year.
In 2019, Magenta Corporation paid compensation of 45,300 to the participants in a profit sharing plan. During 2019, Magenta Corporation contributed 13,200 to the plan. a. Calculate Magentas deductible amount for 2019. b. Calculate the amount of any contribution carryover from 2019.
9/. At the beginning of the current year, the memorandum records of Anne Company’s defined benefit plan showed the following: Fair value of plan assets P 7,500,000 Defined benefit obligation (11,000,000) Prepaid(accrued) defined benefit exp. (P3,500,000) The entity determined that its current service cost was P1,000,000 and the interest cost is 10%. The expected return on plan assets was 12% but the actual return during the year was 8%. Other related information at the end of the year: Contribution to the plan P1,200,000 Benefits paid to retirees 1,500,000 Decrease in defined benefit obligation due to changes in actuarial assumptions 200,000 Calculate the amount that the entity would recognize in profit or loss for the year in accordance with the revised PAS 19 Group of answer choices P1,350,000 P1,200,000 P1,100,000 P1,000,000 The defined benefit obligation at the end of the current year is Group…
7. At the beginning of the current year, the memorandum records of Anne Company’s defined benefit plan showed the following: Fair value of plan assets P 7,500,000 Defined benefit obligation (11,000,000) Prepaid(accrued) defined benefit exp. (P3,500,000) The entity determined that its current service cost was P1,000,000 and the interest cost is 10%. The expected return on plan assets was 12% but the actual return during the year was 8%. Other related information at the end of the year: Contribution to the plan P1,200,000 Benefits paid to retirees 1,500,000 Decrease in defined benefit obligation due to changes in actuarial assumptions 200,000 Calculate the amount to be recognized in the statement of financial position at the end of the current year in accordance with the revised PAS 19 Group of answer choices P3,500,000 P3,650,000 P4,000,000 P3,600,000
At the beginning of the current year, the memorandum records of Anne Company’s defined benefit plan showed the following: Fair value of plan assets P 7,500,000 Defined benefit obligation (11,000,000) Prepaid(accrued) defined benefit exp. (P3,500,000) The entity determined that its current service cost was P1,000,000 and the interest cost is 10%. The expected return on plan assets was 12% but the actual return during the year was 8%. Other related information at the end of the year: Contribution to the plan P1,200,000 Benefits paid to retirees 1,500,000 Decrease in defined benefit obligation due to changes in actuarial assumptions 200,000 Calculate the net amount that the entity would recognize in OCI for the year in accordance with the revised PAS 19 A P200,000 loss B P50,000 gain C P50,000 loss D P200,000 gain
At the beginning of the current year, the memorandum records of Anne Company’s defined benefit plan showed the following: Fair value of plan assets P 7,500,000 Defined benefit obligation (11,000,000) Prepaid(accrued) defined benefit exp. (P3,500,000) The entity determined that its current service cost was P1,000,000 and the interest cost is 10%. The expected return on plan assets was 12% but the actual return during the year was 8%. Other related information at the end of the year: Contribution to the plan P1,200,000 Benefits paid to retirees 1,500,000 Decrease in defined benefit obligation due to changes in actuarial assumptions 200,000 Calculate the net amount that the entity would recognize in OCI for the year in accordance with the revised PAS 19 Group of answer choices P50,000 loss P50,000 gain P200,000 gain P200,000 loss
At the beginning of the current year, the memorandum records of Anne Company’s defined benefit plan showed the following: Fair value of plan assets P 7,500,000 Defined benefit obligation (11,000,000) Prepaid(accrued) defined benefit exp. (P3,500,000) The entity determined that its current service cost was P1,000,000 and the interest cost is 10%. The expected return on plan assets was 12% but the actual return during the year was 8%. Other related information at the end of the year: Contribution to the plan P1,200,000 Benefits paid to retirees 1,500,000 Decrease in defined benefit obligation due to changes in actuarial assumptions 200,000 The defined benefit obligation at the end of the current year is AP10,500,000 BP11,800,000 CP11,600,000 DP11,400,000
At the beginning of the current year, the memorandum records of Fischl Company’s defined benefitplan showed the following:Fair value of plan assets P7,500,000Defined benefit obligation (11,000,000)Prepaid (accrued) benefit expense (P3,500,000)Fischl determined that its current service cost was P1,000,000 and the interest cost is 10%. Theexpected return on plan asset was 12% but the actual return during the year was 8%. Other relatedinformation at the end of the year:Contribution to the plan P1,200,000Benefits paid to retirees 1,500,000Decrease in defined benefit obligation due to changes inactuarial assumptions200,000REQUIREMENTS:1. What will be presented in the income statement in relation to the defined benefit plan?2. What will be presented in the statement of financial position in relation to the defined benefitplan?
At the beginning of the current year, the memorandum records of OPPA Co's defined benefit plan showed the following:Fair value plan assets 7,500,000Defined benefit obligation (11,000,000)Prepaid (accrued) pension expense (3,500,000) The entity determined that its current service cost was P1,000,000 and the interest cost is 10%. The expected return on plan assets was 12% but the actual return during the year was 8%. Other related information at the end of the year: Contribution to the plan P 1,200,000Benefits paid to retires 1,500,000Decrease in defined benefit obligation due to changes in actuarial assumptions 200,000 4. Compute for the fair value of plan assets at the end of the current year. 5. Compute for the defined benefit obligation at the end of the current year.
13 The memorandum records of Galindez Trading at January 1, 2021 show the following data: Define Benefit Obligation 2,600,000 Fair value of plan asset 3,000,000 The following information for 2021 is also provided: Service cost 800,000 Actual return on plan assets 300,000 Benefits paid 350,000 Contributions to the plan 780,000 Actuarial loss on remeasurement of defined benefit obligation 100,000 Discount rate 9% How much is the net defined benefit liability/asset that will be shown on December 31, 2021 statement of financial position? Group of answer choices 346,000 prepaid 454,000 prepaid 346,000 accrued 454,000 accrued
At the beginning of current year, De Guzman Company reported the following information in relation to a defined benefit plan: Fair value of plan assets - 7,000,000 Projected benefit obligation - 7,500,000 During the current year, the entity determined that the current service cost was 1,400,000 and the discount rate is 10%. The actual return on plan assets during the year was 840,000. Other related information for the current year: Contribution to the plan - 1,200,000 Benefits paid to retirees - 1,500,000 Decrease in projected benefit obligation due to changes in actuarial assumptions - 200,000 Present value of defined benefit obligation settled - 500,000 Settlement price of defined benefit obligation- 400,000 1. What amount should be reported in the income statement for the current year as employee benefit expense? 2. What is the net amount of remeasurements on Dec 31? 3. What is the fair value of plan assets kn Dec 31? 4. What is the projected benefit obligation on Dec 31?…
7.9-10 At the beginning of the current year, the memorandum records of Anne Company’s defined benefit plan showed the following: Fair value of plan assets P 7,500,000 Defined benefit obligation (11,000,000) Prepaid(accrued) defined benefit exp. (P3,500,000) The entity determined that its current service cost was P1,000,000 and the interest cost is 10%. The expected return on plan assets was 12% but the actual return during the year was 8%. Other related information at the end of the year: Contribution to the plan P1,200,000 Benefits paid to retirees 1,500,000 Decrease in defined benefit obligation due to changes in actuarial assumptions 200,000 Calculate the amount to be recognized in the statement of financial position at the end of the current year in accordance with the revised PAS 19 Group of answer choices P3,500,000 P3,650,000 P4,000,000 P3,600,000 Calculate the amount that the entity would recognize…

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bartleby, a Learneo, Inc. business

Fair value of plan assets	P 7,500,000
Defined benefit obligation	(11,000,000)
Prepaid(accrued) defined benefit exp.	(P3,500,000)

Contribution to the plan	P1,200,000
Benefits paid to retirees	1,500,000
Decrease in defined benefit obligation due to changes in actuarial assumptions	200,000