Blue Corp., provides a noncontributory defined-benefit pension plan for its employees. The company's actuary has provided the following information for the year ended December 31, 2021: Defined benefit obligation, Dec.31, 2021 - P600,000 Fair value of plan assets, Dec.31, 2021 - 825,000 Service cost - 240,000 Interest on defined benefit obligation - 24,000 Past service cost - 60,000 Expected return and interest revenue on plan assets - 33,000 In its December 31, 2021 statement of financial position, Blue Corporation reported a pension asset/ liability of Choices: Pension liability of P600,000 Pension asset of P824,000 Pension asset of P225,000 Pension liability of P525,000

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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.