Information on an entity's plan assets is as follows: Fair value of plan assets, Jan.1 360,000 Return on plan assets 80,000 Contributions to the retirement fund during the 480,000 year Benefits paid to retirees 120,000 Actuarial gain 60,000 How much is the fair value of plan assets as of year-end? O 720,000 O 800,000 O 920,000
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- 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?An entity provided the following information during the current year:January 1 December 31Fair value of plan assets 6,000,000 9,000,000Projected benefit obligation 4,500,000 5,000,000Prepaid/accrued benefit cost – surplus 1,500,000 4,000,000Asset ceiling 1,000,000 2,500,000Effect of asset ceiling 500,000 1,500,000During the year, the entity recognized current service cost P2,000,000, actual return on plan assets P400,000,and contribution to the plan P4,550,000 and benefits paid P1,950,000. The discount rate is 10%REQUIRED: . Compute the defined benefit costInformation on an entity's defined benefit plan are shown below Return on plan asset 240,000 Fair value of plan asset, Jan 1, 2020 2,000,000 Benefits paid to retirees 600,000 Settlement gain on early retirement 100,000 Contributions to the fund 900,000 What is the balance of the Fair value of plan asset on December 31, 2020?
- 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…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?A. At the beginning of current year, an entity provided the following information in connection with adefined benefit plan: Fair value of plan assets 10,000,000Projected benefit obligation (13,000,000)Prepaid /accrued benefit cost (3,000,000) The entity revealed the following transactions affecting the plan for the current year: Current service cost 2,500,000Past service cost - remaining vesting period of covered employees is 5 years 1,200,000Contribution to the plan 3,500,000Benefits paid to retirees 3,000,000Actual return on plan assets 1,500,000 Decrease in projected benefit obligation due to change in actuarial assumptions 400,000Discount rate 10%Expected return on plan assets 12% Compute the projected benefit obligation at year-end What amount should be reported as accrued or prepaid benefit cost at year-end
- A. At the beginning of current year, an entity provided the following information in connection with adefined benefit plan:Fair value of plan assets 10,000,000Projected benefit obligation (13,000,000)Prepaid /accrued benefit cost (3,000,000)The entity revealed the following transactions affecting the plan for the current year:Current service cost 2,500,000Past service cost - remaining vesting period of covered employees is 5 years 1,200,000Contribution to the plan 3,500,000Benefits paid to retirees 3,000,000Actual return on plan assets 1,500,000Decrease in projected benefit obligation due to change in actuarial assumptions 400,000Discount rate 10%Expected return on plan assets 12%REQUIRED:1. Compute the employee benefit expense for the current year 2. Compute the net remeasurement gain for the current year3. Compute the fair value of plan assets at year-end4. Compute the projected benefit obligation at year-end5. What amount should be reported as accrued or prepaid benefit cost at…The actuarial valuation report of an entity shows the following information: Present value of defined benefit obligation, Jan. 1 340,000 Current service cost 30,000 Discount rate 10% Benefits paid to retirees 100,000 Actuarial gain 60,000 How much is the year-end balance of the present value of defined benefit obligation? a. 210,000 b. 244,000 c. 304,000 d. 364,000 The actuarial valuation report of an entity shows the following information: Present value of defined benefit obligation, Jan. 1 280,000 Discount rate 14% Benefits paid to retirees 90,000 Actuarial gain 60,000 Present value of defined benefit obligation, Dec. 31 210,000 How much is the current service cost? a. 40,800 b. 44,800 c. 48,200 d. 79,200At the beginning of current year, an entity provided the following information in connection with adefined benefit plan:Fair value of plan assets 10,000,000Projected benefit obligation (13,000,000)Prepaid /accrued benefit cost (3,000,000)The entity revealed the following transactions affecting the plan for the current year:Current service cost 2,500,000Past service cost - remaining vesting period of covered employees is 5 years 1,200,000Contribution to the plan 3,500,000Benefits paid to retirees 3,000,000Actual return on plan assets 1,500,000Decrease in projected benefit obligation due to change in actuarial assumptions 400,000Discount rate 10%Expected return on plan assets 12%REQUIRED:1. Compute the employee benefit expense for the current year2. Compute the net remeasurement gain for the current year3. Compute the fair value of plan assets at year-end
- At the beginning of current year, an entity provided the following information in connection with adefined benefit plan:Fair value of plan assets 10,000,000Projected benefit obligation (13,000,000)Prepaid /accrued benefit cost (3,000,000)The entity revealed the following transactions affecting the plan for the current year:Current service cost 2,500,000Past service cost - remaining vesting period of covered employees is 5 years 1,200,000Contribution to the plan 3,500,000Benefits paid to retirees 3,000,000Actual return on plan assets 1,500,000Decrease in projected benefit obligation due to change in actuarial assumptions 400,000Discount rate 10%Expected return on plan assets 12%REQUIRED: 4. Compute the projected benefit obligation at year-end 5. What amount should be reported as accrued or prepaid benefit cost at year-endOn January 1, 2021, Period Company provided the following information: Fair value of plan assets 13,000,000Projected benefit obligation (10,000,000)Prepaid/Accrued Benefit Cost 3,000,000The entity revealed the following transactions affecting the plan for the current year:Current service cost 2,500,000Past service cost – remaining vesting period of covered employees is 3 years 1,200,000Contribution to the plan 3,000,000Benefits paid to retirees 3,500,000Actual return on plan assets 1,500,000Decrease in projected benefit obligation due to change in actuarial assumptions 400,000Discount rate 10%Expected return on plan assets 12% w. What is the employee benefit expense for the current year?x. What is the net remeasurement gain for the current year?y. What is the projected benefit obligation on December 31, 2021?z. What amount should be reported as accrued or prepaid benefit cost on December 31, 2021?B. An entity provided the following information during the current year:January 1 December 31Fair value of plan assets 6,000,000 9,000,000Projected benefit obligation 4,500,000 5,000,000Prepaid/accrued benefit cost – surplus 1,500,000 4,000,000Asset ceiling 1,000,000 2,500,000Effect of asset ceiling 500,000 1,500,000During the year, the entity recognized current service cost P2,000,000, actual return on plan assets P400,000,and contribution to the plan P4,550,000 and benefits paid P1,950,000. The discount rate is 10% REQUIRED:7. Compute the net remeasurement loss for the current year