ABC Company had the following balances relating to its defined benefit plan on December 31, 2020: Fair value of plan assets, P37,000,000 Past service cost unrecognized, P2,000,000 Net actuarial loss unrecognized, P3,000,000 Projected benefit obligation, P33,000,000 PV of available future refund and reduction in future contribution, P1,000,000 How much prepaid benefit cost should be shown in the December 31, 2020 statement of financial position? (Round answer to whole number)

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Employee Benefits

In an organization employees are the most important resource and most important asset. They can lead an organization to the sky or can be the reason for unsuccessful of business. Therefore, it is very much important that employees of an organization should be satisfied by the environment of the organization and most importantly with the salary, wages incentives, etc.