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 200,000 assumptions Calculate the amount that the entity would recognize in profit or loss for the year in accordance with the revised PAS 19
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A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…
Q: On January 1, 2021 STAR Company provided the following data in connection with the defined benefit…
A: Interest costs = Projected benefit obligation x Discount rate = ₱7,600,000 x 10% = ₱760,000
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A: Interest cost = Beginning Projected benefit obligation x discount rate = 5500000*6% = 330,000
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A: Since you have posted a question with many sub-parts, we will solve three sub-parts for you. To get…
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A: Interest costs = Projected benefit obligation x Discount rate = ₱7,600,000 x 10% = ₱760,000
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A: a)
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A: Interest costs = Benefit Obligation, December 31, 2020, x discount rate = P12,000,000 x 12% =…
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A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…
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A: Past service cost that amortised in this year=1200000/5=240000
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A: The solution for the above question is given in the following steps for your reference.
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A: Interest costs = Benefit Obligation, December 31, 2020, x discount rate = P12,000,000 x 12% =…
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A: Interest costs = Benefit Obligation, December 31, 2020, x discount rate = P12,000,000 x 12% =…
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A: working notes : Closing balance of plan assets=$309,510 +$37,070+$24,670-$21,700=$3,49,550
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A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…
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A: Interest costs = Projected benefit obligation x Discount rate = ₱7,600,000 x 10% = ₱760,000 Expected…
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A: Remeasurement gain on plan assets=Actual return-Interest @ 12% on opening balance of assets
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A: solution : given : beginning of the year benefit obligation =P11,000,000 current…
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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.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 lossAt 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 DP11,400,000At 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 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?…At the beginning of the current year Paolo Co reported fair value of plan assets at P7,000,000 and projected benefit obligation at P8,500,000. During the year the entity determined that the current service cost was P1.200,000 and the discount rate is 10% The actual return on plan assets was P800,000 during the yearThe entity provided the following information during the year related to the defined benefit plan: Contribution to the 1, 000 Benefits paid to retirees P1,750,000 Decrease in projected benefit obligation due to change in actuarial assumptions - P300,000 REQUIRED 1. Employee benefit expense Total remeasurement ? 2. Projected Benefit Obligation at year end ? 3. Prepaid /accrued benefit cost for the year ?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.
- On January 1, 2021 the memorandum records of Dakak Company’s defined benefit plan showed the following: Fair value of plan assets P 14,000,000 Unamortized past service cost 700,000 Unrecognized actuarial loss 2,000,000 Projected benefit obligation (15,000,000) Prepaid/accrued benefit cost – debit P 1,700,000 During 2021, the entity determined that its current service cost was P2,000,000 and the interest cost is 10%. The expected return on plan assets was 10% but the actual return during the year was 12%. Past service cost and any actuarial gain or loss should be amortized over 10 years. Other related information is as follows: Contribution to the plan P 2,400,000 Benefits paid to retirees during 2011 3,000,000 Decrease in accrued benefit obligation due to changes in actuarial assumption 400,000 a. What should be reported in the income…On January 1, 2020, FB Company had the following data in connection with its defined benefit plan: Fair value of plan assets- P6,500,000 • Defined benefit obligation- P7,500,000 The accountant revealed the following information for the current year. • Current service costs- P1,600,000 • Discount rate- 10% • Actual return on plan assets-P600,000 . Expected return on plan assets- 8% . Contribution to the plan- P1,500,000 How much is the retirement benefit expense in 2020? A.P1,830,000 B.P1,600,000 C.P2,350,000 D.P1,750,000Lucky 11 Corporation established a defined benefit plan for its employees and provided the following information: Fair value of plan assets as ofJanuary 1 was P5,500,000 and December 31 P6,300,000, Projected benefit obligation as of January 1 was P6,000,000 and December 31 P6,800,000.Current and past service cost were P700,000 and P550,000, respectively. Contributions to the plan during the year was P900,000 while benefitspaid during the year was P450,000. The expected rate of return on plan assets was 10%, the weighted average rate of return for plan assets was9.5%, the discount rate for plan assets was 8%. 1. What is the employee benefit expense for the current year?2. How much is the actuarial gain/loss on return on plan assets?3. What is the prepaid/accrued balance of the pension at yearend?4. How much is the defined benefit cost?