How much is the defined benefit cost for 2022?
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Benefit obligation, 1/1/2022, P9M
FVPA, 1/1/2022, P10M
Current service cost, P1.7M
Past service cost, P500K
Benefits paid to retirees, P2.2M
Contribution to the plan, P2M
Actual return on plan assets, P1.5M
Actuarial loss due to remeasurement of benefit obligation, P400K
Discount rate, 12%
There are no asset ceilings at the beginning and end of the year.
How much is the defined benefit cost for 2022?
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- Pension data for Sterling Properties include the following: ($ in thousands)Service cost, 2021 $112Projected benefit obligation, January 1, 2021 850Plan assets (fair value), January 1, 2021 900Prior service cost—AOCI (2021 amortization, $8) 80Net loss—AOCI (2021 amortization, $1) 101Interest rate, 6%Expected return on plan assets, 10%Actual return on plan assets, 11% Required:Determine pension expense for 2021.Fair value of plan assets 4,750,000Unamortized past service cost 1,250,000Projected benefit obligation 5,500,000Unrecognized actuarial gain 850,000The transactions for the current year relating to the defined benefit plan are as follows:Current service cost 925,000Discount rate 6%Actual return on plan assets 485,000Contribution to the plan 1,350,000Benefits paid to retirees 995,000Increase in projected benefit obligation due to changes in actuarial assumptions 150,000Effective in the current year, the entity has applied the provisions of revised PAS 19 in relation to the definedbenefit plan.REQUIRED:15. Prepare journal entry to recognize the transitional effect of adopting revised PAS 19.16. Determine the employee benefit expense for the current year.17. Compute the remeasurement related to the defined benefit plan.18. Prepare journal entry to record the employee benefit expense.19. Compute for the Fair Value Plan Asset (FVPA) as of December 31.20. Compute for the projected benefit…Following information is relevant to a defined benefit pension plan of PT XYZ for the year2020: Plant AssetsBalance at January 01, 2020 600Expected return on plan assets 61Contribution received 49Benefits paid -40Actuarial gain (balancing figure) 15Total 685 Plant Liabilities:Balance at January 01, 2020 640Interest cost 52Current Service Cost 21Benefit paid -40Actuarial gain (loss) (balancingfigure) 42Total 715 Calculate:(i) Pension expense to be recognised in profit or loss for the year ended December 31,2020.(ii) Net liabilities to be shown in the Statement of Financial Position as of December31, 2020
- 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?Case 2 Following information is relevant to a defined benefit pension plan of PT XYZ for the year 2020: Plant Assets Rp’ puluh juta Balance at January 01, 2020 600 Expected return on plan assets 61 Contribution received 49 Benefits paid -40 Actuarial gain (balancing figure) 15 685 Plant Liabilities: Balance at January 01, 2020 640 Interest cost 52 Current Service Cost 21 Benefit paid -40 Actuarial gain (loss) (balancing figure) 42 715 Calculate: (i) Pension expense to be recognised in profit or loss for…Sandhill Co. had the following selected balances at December 31, 2021: Projected benefit obligation $4,640,000 Accumulated benefit obligation 4,540,000 Fair value of plan assets 4,285,000 Accumulated OCI (PSC) 165,000 Calculate the pension asset/liability to be recorded at December 31, 2021. Pension $
- Rosaria Co. sponsors a defined benefit pension plan. For the current year ended December 31, thefollowing information relevant to the plan has been accumulated:Defined benefit obligation, 1/1 P11,250,000Fair value of plan assets, 1/1 10,500,000Current service cost 1,050,000Past service cost 2,200,000Actual return on plan assets 600,000Decrease in defined benefit obligation due tochanges in actuarial assumptions300,000Discount rate 8%Requirements:1. In the working papers computations, what balance of plan assets will be determined?2. In the working papers computations, what balance of benefit obligation will be determined?3. Calculate the amount that the entity would recognize in profit or loss for the year in accordancewith the revised PAS 19.4. Calculate the amount that the entity would recognize in other comprehensive income for theyear in accordance with the revised PAS 19.CHOOSE THE LETTER OF THE CORRECT ANSWER What is the employee benefit expense for the current year? a. 1,180,000b. 2,100,000c. 1,850,000d. 1,050,000 What is the remeasurement gain or loss on plan assets on Dec. 31? a. 670,000 gainb. 670,000 lossc. 650,000 gaind. 650,000 lossWhat is the fair value of plan assets at year-end? 3650000 4650000 4900000 5850000 What is the net remeasurement of the defined benefit plan for the current year? 500 000 gain 500 000 loss 300 000 gain 300 000 loss What amount should be reported as accrued benefit cost at year-end? 2 000 000 1 500 000 1 750 000 500 000
- Pension data for Sterling Properties include the following: ($ in thousands) Service cost, 2024 $ 116 Projected benefit obligation, January 1, 2024 550 Plan assets (fair value), January 1, 2024 600 Prior service cost—AOCI (2024 amortization, $7) 86 Net loss—AOCI (2024 amortization, $2) 107 Interest rate, 6% Expected return on plan assets, 10% Actual return on plan assets, 11% Required: Assume Sterling Properties prepares its financial statements according to International Financial Reporting Standards (IFRS). The interest rate on high-grade corporate bonds is 6%. Determine the net pension cost. Note: Enter your answer in thousands (i.e., 10,000 should be entered as 10).Question Description The following information was obtained from the financial statements of X Inc. Defined Benefit Plan Obligations Pension Benefits 2020……………………..2019 Defined Benefit Obligation(DBO): Balance, beginning of year…………………………………………$40,032…………………..42,370 Current Service Cost…………………………………………………… 864…………………. 1,126 Interest Cost…………………………………………………………… 2,344…………………... 2,255 Benefits Paid……………………………………………………………(3,198)………………….. (2,881) Actuarial Gains………………………………………………………... (3,339)………………….. (2,838) Balance, end of year………………………………………………….$36,703……………….….$40,032 Defined Benefit Plan Assets Pension Benefits 2020…………..…………2019 Balance, beginning of year…………………………………………$75,891………………….$90,828 Expected return on Plan Assets……………………………………. 5,599………………….. 6,723 Employee…PUP CAF Company has the following information related to its defined benefit plan for year 2021:> Net defined benefit asset (Pension asset), January 1- P5,000,000> Current Service Cost- P2,700,000> Past Service Cost- P400,000> Interest Expense- P1,000,000> Contribution to the plan- P1,500,000> Benefits paid to retirees- P2,200,000> Actual return on plan assets- P1,350,000> Actuarial loss on plan assets- P150,000> Actuarial gain on projected benefit obligation- P400,000How much is the benefit expense reported in its profit or loss in 2021?Cash in bank (net of bank overdraft of P1,000,000)- P10,000,000· Petty cash (unreplenished petty cash expenses, P20,000)- P100,000· Equity investment at FVPL- P6,000,000 · Notes receivable- P8,000,000· Accounts receivable (net of accounts with credit balances of P3,000,000)- P12,000,000 · Inventory- P6,000,000· Accounts payable (net of accounts with debit balance of P2,000,000)-…