he following date relate to the defined benefit plan of ABC Company for the year ended December 31, 2020: · Present value of benefit obligation, January 1, 2020- P15,000,000 · Fair Value of plan asset, January 2, 2020- P14,000,000 · Contribution during the year- P1,050,000 · Current service cost- P800,000 · Benefits paid during the year- P1,500,000 · Present value of benefit obligation, December 31, 2020- P17,000,000 · Fair value of plan asset, December 31, 2020- P14,920,000 · Discount rate- 6% · Expected rate of return- 7% What amount of net remeasurement gain and loss should be reported in the other comprehensive income?

he following date relate to the defined benefit plan of ABC Company for the year ended December 31, 2020: · Present value of benefit obligation, January 1, 2020- P15,000,000 · Fair Value of plan asset, January 2, 2020- P14,000,000 · Contribution during the year- P1,050,000 · Current service cost- P800,000 · Benefits paid during the year- P1,500,000 · Present value of benefit obligation, December 31, 2020- P17,000,000 · Fair value of plan asset, December 31, 2020- P14,920,000 · Discount rate- 6% · Expected rate of return- 7% What amount of net remeasurement gain and loss should be reported in the other comprehensive income?

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter19: Deferred Compensation

Section: Chapter Questions

Problem 35P

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On December 31, 2020, ABC 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?
Information about the defined benefit plan of the company are shown below: Fair value on plan assets, January 1, 2021 6,000,000 PV of Defined benefit obligation, January 1, 2021 7,800,000 Actual return on plan asset 180,000 Benefits paid during the year 1,000,000 Contributions during the year 800,000 Current service cost 800,000 Discount rate 5% What is the balance of the defined benefit liability as of December 31, 2021?
At December 31, 2023, Crane Corporation provided you with the following information: Defined benefit obligation, December 31, 2023 $3,420,000 Plan assets at fair value, December 31, 2023 2,435,000 Past service cost from plan amendment on December 31, 2023 1,005,500 Determine the account and its balance that should be reported on Crane's December 31, 2023 balance sheet if it applies ASPE. Net defined benefit $ How should the $1,005,500 be reported? The $1,005,500 eTextbook a should be reported on balance sheet should be reported separately on the statement of income or in the notes should not be reported
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. 500,000
Information 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?
Information about the defined benefit plan of the company are shown below Defined benefit obligation, January 1, 2021 5,500,000 Current service cost 330,000 Actual return on plan asset 170,000 Fair value on plan asset, January 1, 2021 4,000,000 Discount rate 5% What is the balance of the defined benefit obligation as of December 31, 2021?
The following relates to the define benefit obligation plan for Tokwa’t Baboy Inc. in 2016:Accrued benefit obligation, January 1 4,600,000Accrued benefit obligation, December 31 4,929,000FV of plan assets, January 1 5,035,000FV of plan assets, December 31 5,565,000Actuarial gain due to remeasurement of benefit obligation 32,500Employer contributions 425,000Benefits paid to retirees 390,000Discount rate 10% The service cost for current year would beA. P219,500 B. P226,500 C. P262,500 D. P291,500 . The actual return on plan assets for the year isA. P105,000 B. P495,000 C. P503,500 D. P512,000 What is the retirement benefit expense reported in profit or loss for the year 2016?A. P224,000 B. P242,000 C. P248,000 D. P284,000
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.P1,750,000
Information on Complicated Company's defined benefit plan is as follows: Fair value of plan assets, Jan. 1 - P480,000; Return on plan assets (Actual rate of return for the period) - 10%; Contributions to the retirement fund during the year - P800,000; Benefits paid to retirees - P200,000. How much is the balance of the fair value of plan assets as of year-end?
ABC Company's memorandum records for its defined benefit plan show the following balances at December 31, 2019 Fair value of plan assets – P8,000,000 Benefit obligation – P9,000,000 The following have been gathered for the year 2020: Service cost for 2020 P1,000,000 10% Discount rate Actual return on plan assets Benefits paid Contributions made 640,000 600,000 2,000,000 800,000 Past service cost The benefit obligation as measured by the actuary at December 31, 2020 has a present value of P11,050,000. Required: Compute for the following: 1. Retirement benefit expense to be presented in the 2019 profit or loss. 2. Defined benefit liability as of December 31, 2019
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?
Crane Company provides the following information about its defined benefit pen plan for the year 2025. (a) Prepare a pension worksheet inserting January 1, 2025, balances, showing December 31. 2025. (Enter all amounts as positive.)