An entity provided the following items related to its defined benefit plan for 2019: January 1 December 31 Projected benefit obligation 3,000,000 3,355,000 Fair value of plan assets 2, 260,000 1,600,000 The current service cost for the year was P155,000, contributions to the fund amounted to P500,000 and the actual return and interest income on the plan asset was P160,000. No benefits were paid. There was a decrease in the projected benefit obligation during the year due to change in actuarial assumptions What amount was recognized as actuarial gain on PBO during the year?
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- Strangers & Co. has gathered the following information for its defined benefit plan in 2020:· Projected Benefit Obligation, 1/1/2020: P3,000,000· Projected Benefit Obligation, 12/31/2020: P3,355,000· Fair value of plan assets, 1/1/2020: P1,600,000· Fair value of plan assets, 12/31/2020: P2,260,000Current service cost for the year is P155,000, contributions to the fund totaled P500,000, and the actual return and interest income on the plan asset was P160,000. No benefits are paid during 2020. During the year, there was a decrease only in the projected benefit obligation due to revision of actuarial assumptions. How much should be recognized as Retirement/Employee Benefit Expense for 2020? a. 195,000 b. 295,000 c. 795,000 d. 500,000Information about the defined benefit plan of the company is shown belowFair value on plan asset, January 1, 2021 3,000,000Contribution to the fund 1,500,000Return on plan assets 160,000Defined benefit liability. December 31, 2021 410,000Defined benefit obligation, December 31, 2021 4,550,000What is the balance of the fair value on plan asset as of December 31, 2021?On January 1, 2021 STAR Company provided the following data in connection with the defined benefit plan: Fair value of plan assets –₱6,700,000; Projected benefit obligation –₱7,600,000. The accountant revealed the following information for the current year: Current service cost –₱1,750,000; Past service cost –₱300,000; Discount rate – 10%; Expected return on plan assets – 12%; Actual return on plan assets –₱500,000; Contributions to the plan –₱2,000,000; Benefit paid to retirees –₱1,250,000. What is the employee benefit expense on December 31, 2021?
- On January 1, 2021 COMET Company provided the following data in connection with the defined benefit plan: Fair value of plan assets -P6,700,000; Projected benefit obligation -7,600,000. The accountant revealed the following information for the current year: Current service cost -1,750,000; Past service cost -$300,000; Discount rate - 10%; Expected return on plan assets-12%; Actual return on plan assets -P500,000; Contributions to the plan -P2,000,000; Benefit paid to retirees - P1,250,000. What is the employee benefit expense on December 31, 2021?On January 1, 2021 COMET Company provided the following data in connection with the defined benefit plan: Fair value of plan assets –₱6,700,000; Projected benefit obligation ₱7,600,000. The accountant revealed the following information for the current year: Current service cost –₱1,750,000; Past service cost –₱300,000; Discount rate – 10%; Expected return on plan assets – 12%; Actual return on plan assets –₱500,000; Contributions to the plan –₱2,000,000; Benefit paid to retirees –₱1,250,000. What is the employee benefit expense on December 31, 2021?The following information pertains to Rose Corporation's defined benefit plan for the year 2019: Accrued benefit obligation, January 1, 2019 P5,000,000 Fair value of plan assets, January 1, 2019 3,800,000 Current service cost 600,000 Past service cost, determined at 12/31/19 580,000 Interest rate 12% Actual return on plan assets 550,000 Number of years until vesting of benefits 5 years Contributions made during the year 750,000 Actuarial gain on plan assets ? Actuarial gain on benefit obligation 70,000 What was the balance of the retirement benefit asset/liability at January 1, 2019?
- Information on an entity's defined benefit plan are shown below Return on plan asset 240,000 Fair value of plan asset, Jan 1, 2020 2,000,000 Benefits paid to retirees 600,000 Settlement gain on early retirement 100,000 Contributions to the fund 900,000 What is the balance of the Fair value of plan asset on December 31, 2020?The memorandum records ofGalindezTrading 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% What are the balances of Benefit Obligation and Plan Asset at December 31, 2021? Group of answer choices 3,184,000 3,730,000 3,184,000 3,700,000 3,384,000 3,730,000 3,384,000 3,700,000On December 31, 2020, GHI Company had the following balances in its memorandum records related to its defined benefit plan:· Fair value of plan assets- P10,000,000· Benefit obligation- P12,000,000 Other relevant information relating to the plan for 2021 follows:· Current service cost- P2,000,000· Past service cost- P1,300,000· Actual return on plan assets- P1,500,000· Actuarial gain on benefit obligation- P400,000· Actuarial gain on plan assets- P500,000· Present value of benefits settled- P900,000· Settlement price- P800,000· Contribution to the plan- P3,100,000· Discount rate- 12% How much is the employee benefit expense taken to profit or loss during 2021?
- Fed Inc. had the following balances relating to the defined benefit plan on December 31, 2019: Fair value of plan assets 37,000,000 Defined benefit plan 33,000,000 Asset ceiling 2,500,000 What is the prepaid/accrued benefit cost on December 31, 2019? 0 1,500,000 2,500,000 4,000,000 answer not givenOn December 31, 2020, Detroit Company had the following balances in its memorandum records related to its defined benefit plan: - Fair value of plan assets-P10,000,000 - Benefit obligation- P12,000,000 Other relevant information relating to the plan for 2021 follows: • Current service cost- P2,000,000 • Past service cost- P1,300,000 Actual return on plan assets- P1,500,000 • Actuarial gain on benefit obligation- P400,000 • Actuarial gain on plan assets- P500,000 - Present value of benefits settled- P900,000 • Settlement price-P800,000 . Contribution to the plan- P3,100,000 - Discount rate- 12% How much is the employee benefit expense taken to profit or loss during 2021? A.P3,300,000B.P3,640,000C.P3,540,000D.P3,440,000You have been provided with the following information related to the year 2020. The company is a public company and therefore is using IFRS to report. Defined benefit obligation, Jan 1 $395,000 Fair value of plan assets, Jan 1 360,000 Current service cost 302,000 Interest (discount) rate 11% Expected & actual return on plan assets 10% Past service cost (as of Jan 1) 25,600 Actuarial loss 14,600 Contributions to plan 280,000 Remeasurement loss on plan assets 11,600 Payments to retirees 280,000 Required: a) Calculate the pension expense to be reported on the income statement for 2020. b) Calculate the amount to be shown as OCI for 2020. Pension Plans c) Calculate the fair value of the plan assets at December 31, 2020. d) Prepare the journal entries to reflect the accounting for the company's pension plan for the year ending December 31, 2020. e) The Company is also curious as to what the differences in recognition of defined benefit plans with benefits that vest or accumulate under…