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CHOOSE THE LETTER OF THE CORRECT ANSWER What is the employee benefit expense for the current year?  a. 1,180,000 b. 2,100,000 c. 1,850,000 d. 1,050,000   What is the remeasurement gain or loss on plan assets on Dec. 31?  a. 670,000 gain b. 670,000 loss

CHOOSE THE LETTER OF THE CORRECT ANSWER What is the employee benefit expense for the current year?  a. 1,180,000 b. 2,100,000 c. 1,850,000 d. 1,050,000   What is the remeasurement gain or loss on plan assets on Dec. 31?  a. 670,000 gain b. 670,000 loss

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter19: Accounting For Post Retirement Benefits
Section: Chapter Questions
Problem 7RE
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CHOOSE THE LETTER OF THE CORRECT ANSWER

What is the employee benefit expense for the current year? 

a. 1,180,000
b. 2,100,000
c. 1,850,000
d. 1,050,000

 

What is the remeasurement gain or loss on plan assets on Dec. 31? 
a. 670,000 gain
b. 670,000 loss
c. 650,000 gain
d. 650,000 loss

On Jan. 1 of the current year, Micro Company had a projected benefit obligation of Php10,000,000 and a pension fund with a fair value of Php9,200,000. There was no unrecognized past service cost nor were there deferred pension gains or losses. The following information relates to the pension plan during the current year: Service Cost 1,200,000.00 Actual return on the pension fund Benefits paid to retirees Contribution to the pension fund 250,000.00 1,100,000.00 1,050,000.00 Discount rate for PBO 9% Expected return on pension fund 10%
Transcribed Image Text:On Jan. 1 of the current year, Micro Company had a projected benefit obligation of Php10,000,000 and a pension fund with a fair value of Php9,200,000. There was no unrecognized past service cost nor were there deferred pension gains or losses. The following information relates to the pension plan during the current year: Service Cost 1,200,000.00 Actual return on the pension fund Benefits paid to retirees Contribution to the pension fund 250,000.00 1,100,000.00 1,050,000.00 Discount rate for PBO 9% Expected return on pension fund 10%
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