How much is the total defined benefit cost for 20x1? Information on Entity A's defined benefit plan is as follows:PV of DBO - Jan. 1, 20x11,800,0001,440,000FVPA - Jan.1, 20x1PV of DBO -Dec. 31, 20х1Dec. 31, 20х12,160,0001,572,000390,000120,000132,000FVPA, end.Current service costActuarial lossReturn on plan assetsDiscount rate5%

Defined benefit Cost = Service Cost + Net Interest + Remeasurement

Information on Entity A's defined benefit plan is as follows: 1,800,000 1,440,000 2,160,000 PV of DBO - Jan. 1, 20x1 FVPA Jan.1, 20x1 PV of DBO Dec. 31, 20x1 FVPA, end. - Dec. 31, 20x1 1,572,000 Current service cost 390,000 120,000 Actuarial loss Return on plan assets Discount rate 132,000 5%

Information on Entity A's defined benefit plan is as follows: 1,800,000 1,440,000 2,160,000 PV of DBO - Jan. 1, 20x1 FVPA Jan.1, 20x1 PV of DBO Dec. 31, 20x1 FVPA, end. - Dec. 31, 20x1 1,572,000 Current service cost 390,000 120,000 Actuarial loss Return on plan assets Discount rate 132,000 5%

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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You are the General Manager of Entity A. You have received the actuarial report for your company’s defined benefit plan. The report shows the following information: PV of DBO – Jan. 1, 20x1 1,500,000 FVPA – Jan. 1, 20x1 1,200,000 PV of DBO – Dec. 31, 20x1 1,800,000 FVPA, end. – Dec. 31, 20x1 1,310,000 Actuarial gain 100,000 Return on plan assets 110,000 Discount rate 5% When reporting on your company’s year-end highlights of financial summary, which of the following will you report to the Board of Directors (the ‘big bosses’)?
E. Charlton Company provided the following information concerning a defined benefit plan at the beginning ofcurrent year prior to the adoption of revised PAS 19:Debit CreditFair 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: 17. Compute the remeasurement related to the defined benefit plan.
E. Charlton Company provided the following information concerning a defined benefit plan at the beginning ofcurrent year prior to the adoption of revised PAS 19:Debit CreditFair 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: 19. Compute for the Fair Value Plan Asset (FVPA) as of December 31.
E. Charlton Company provided the following information concerning a defined benefit plan at the beginning ofcurrent year prior to the adoption of revised PAS 19:Debit CreditFair 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. Compute the remeasurement related to the defined benefit plan.
E. Charlton Company provided the following information concerning a defined benefit plan at the beginning ofcurrent year prior to the adoption of revised PAS 19:Debit CreditFair 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: 16. Determine the employee benefit expense for the current year.
Charlton Company provided the following information concerning a defined benefit plan at the beginning ofcurrent year prior to the adoption of revised PAS 19:Debit CreditFair 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. 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 obligation on December 31.
Charlton Company provided the following information concerning a defined benefit plan at the beginning ofcurrent year prior to the adoption of revised PAS 19:Debit CreditFair 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: Prepare journal entry to recognize the transitional effect of adopting revised PAS 19.
Charlton Company provided the following information concerning a defined benefit plan at the beginning ofcurrent year prior to the adoption of revised PAS 19:Debit CreditFair 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: Prepare journal entry to record the employee benefit expense.
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?
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…
#14Stefan company provided the following information in relation to a defined benefit plan for thecurrent year:January 1 December 31Fair value of plan assets 1,300,000 1,500,000Projected benefit obligation 1,000,000 1,050,000Prepaid/accrued benefit cost-surplus 300,000 450,000Asset ceiling 100,000 150,000Effect of asset ceiling 200,000 300,000Current service cost 50,000Contribution to the plan 175,000Benefits paid 75,000Discount rate 10%What is the net remeasurement loss for the current year? 85,000 pls provide solution for this answer
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