ABC Company operates a defined benefit plan and recognizes actuarial gains and losses in profit or loss under the corridor approach. At January 1, 2020, the plan assets were P8,000,000, the defined benefit obligation was P9,000,000 and the unrecognized actuarial losses were P1,200,000. During the year ended December 31, 2020, actuarial gains of P150,000 arose. The average remaining working period of participating employees was 20 years at both January 1 and December 31, 2020. What is the amount of cumulative unrecognized actuarial losses on December 31, 2020? (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.