ONE Corporation provided the following information: January 1 December 31 Fair value of plan asset Market related value of plan assets Contribution to the plan Benefits paid to retirees P 3,500,000 P 3,900,000 2,900,000 280,000 250,000 2,800,000
Q: Information on SCUM REFUSE Co.'s defined benefit plan is shown below: • Fair value of plan assets,…
A: The benefit in a defined-benefit plan is predetermined: a monthly payment in retirement based on the…
Q: The following information relates to the pension plan for the employees of Turner Co.: 1/1/20…
A: Define Benefit Obligation It is the popular method which are used to determine the retirement…
Q: Sandra Company provided the following information for the current year: Current service cost…
A: Net remeasurement for the retirement benefits liability includes the actuarial gain/losses, return…
Q: Company provided the following information for the current year. •Current service cost - 500,000…
A: Employee Benefits includes various obligations of the employer towards the employee, which are in…
Q: At the beginning of the current year, the memorandum records of OPPA Co's defined benefit plan…
A: Defined benefit obligation is a measurement of present values to determine liabilities for future…
Q: Information on an entity's plan assets is as follows: Fair value of plan assets, Jan.1 360,000…
A: Particulars: Ending fair value of plan assets = Beginning value of plan assets + contributions to…
Q: ONE Corporation provided the following information: January 1 P 3,500,000 P 3,900,000 December 31…
A: Actual return on plan assets for the current year = Ending Fair value of plan assets + benefit paid…
Q: the Sandra Company current year: 500,000 Current service cost Interest expense on PBO Interest…
A: FV (Fair value) of plan assets refers to the funds fair value which is invested to pay the…
Q: The following information is made available involving the defined benefit pension plan of Princess…
A: Defined benefit plans are plans that are made or established by the company for the benefit of…
Q: 1. The actuarial valuation report of an entity shows the following information: Present value of…
A: Given information, Present value of defined benefit obligation, Jan 1= 340,000 Current service cost=…
Q: Sandra Company provided the following information for the current year: Current service cost…
A: Fair value = benefit which we can get in the future on the asset market price is known as fair…
Q: retirement benefit cost that is taken to other comprehensive income
A: The employee benefits is computed for the year as principals laid down in IAS19
Q: ONE Corporation provided the following information: December 31 January 1 P 3,500,000 P 3,900,000…
A: Actual return on plan assets for the current year = Ending Fair value of plan assets + benefit paid…
Q: The following information relate to the defined benefit pension plan of Edward Corp. in relation to…
A: Interest cost = Defined benefit obligation x discount rate = 3000000 x 6% = P180,000
Q: The following information is related to the defined benefit pension plan of Dreamworld Company for…
A: Interest cost = PBO, January 1 x Discount rate = 900000 x 10% = $90,000
Q: 14.Ivan Company provided the following information: January1 3,500,000 December 31 Fair value of…
A: Actual return on plan assets for the current year = Ending Fair value of plan assets + benefit paid…
Q: Anna Co. sponsors a defined benefit pension plan. For the current year ended December 31, the…
A: Expected return on plan assets = Beginning Fair value of plan assets x Yield on bonds issued by the…
Q: The following information relates to Irasly Inc. at December 31,2002: Fair value of plan assets…
A: Formula: Net defined benefit liability at December 31, 2002 = Projected benefit obligation - Fair…
Q: Rachel Company revealed the following information for the current year: Fair value of plan…
A: Defined benefit plan. Under this plan, the employer provides a predetermined periodic payment to…
Q: The following information relates to Irasly Inc. at December 31, 2019: Fair value of plan assets…
A: As posted multiple independent questions we are answering only first question kindly repost the…
Q: 3. Information on an entity's plan assets is shown below: Fair value of plan assets, Jan. 1 Return…
A: The fair value of plan assets at the year-end is calculated as follows:
Q: Corporation established a defined benefit plan for its employees and provided the following…
A: The question is based on the concept of Employee Benefit Expenses. As per Bartleby guidelines we are…
Q: 4. Information on an entity's plan assets is shown below: 341,000 Fair value of plan assets, Jan. 1…
A: Formula: Return on plan Assets = December 31 Fair value - Jan 01 Fair value + Benefits paid -…
Q: ABC Company showed in its memorandum records the following balances for the year 2020: Fair value of…
A: Actual return on pension plan assets =Fair value of plan assets on 31/12/2020 - Fair value of plan…
Q: 19. Chanika Company provided the following information for the current year: Fair value of plan…
A: Actual return on plan assets = Ending fair value - Beginning fair value - Contribution + Benefits…
Q: The actuarial valuation report of an entity shows the following Present value of defined benefit…
A: Amount of Defined Benefit obligation at the beginning of the year ::2,80,000.. Service cost::50,000.…
Q: 13. Information on an entity's plan asset is shown below: Fair value of plan assets, Jan. 1 Return…
A: As posted multiple independent questions we are answering only first question kindly repost the…
Q: Sandra Company provided the following information for the current year: Current service cost…
A: In accounting, the projected benefit obligation (PBO) is a pension concept. The present value of an…
Q: Sandra Company provided the following information for the current year: Current service cost…
A:
Q: Fajardo Company provided the following pension plan information: Projected benefit obligation –…
A: Interest cost = Projected benefit obligation x Discount or settlement rate = 3,500,000 x 10% =…
Q: Puhlman Inc. provides a defined benefit pension plan to its employees. It smooths recognition of its…
A: As per defined benefit pension plan, employer promises to their employees to pay regular sum after…
Q: On January 1, 2021, Period Company provided the following information: Fair value of plan assets…
A: Since you have posted a question with multiple sub-parts, we will solve the first three subparts for…
Q: ONE Corporation provided the following information: January 1 December 31 P 3,500,000 P 3,900,000…
A: Actual return on plan assets for the current year = Ending Fair value of plan assets + benefit paid…
Q: The following information relate to the defined benefit pension plan of Edward Corp. in relation to…
A: Defined Benefit Cost: It is the benefit ahead of time payable to employee which is calculated based…
Q: The following information relates to Black Corporation's defined benefit pension plan during the…
A: Pension plan refers to a plan in which employer make contribution for the employee’s future life…
Q: The following information relates to Hatami Company's defined benefit pension plan during the…
A: Plan assets end of the year = Plan assets beginning of the year + Actual return on plan assets +…
Q: On January 1, 20X1, Trouble Company had the following information regarding its defined benefit…
A: Interest on plan assets is determined on the value of opening plan assets and that amount is…
Q: On January 1, 2021 COMET Company provided the following data in connection with the defined benefit…
A: Interest costs = Projected benefit obligation x Discount rate = ₱7,600,000 x 10% = ₱760,000 Expected…
Q: The following information related to Company DDD’s pension plan: Plan asset, January 1, 20x8…
A: Employee benefit cost can be reffered as the retirement cost that the company will pay to its…
Q: What amount should be reported as accrued benefit cost at year-end? a. 2,000,000 b. 1,500,000 c.…
A: Calculation of the amount should be reported as accrued benefit cost at year end :…
Q: The following are made available for the defined benefit pension plan of ABC Company as of Dec 31,…
A: Fair value of Plan assets as of Dec 31, 20x3 = Fair value of Plan assets as of Jan 1, 20x3 + Actual…
Q: Rachel Company revealed the following information for the current year: Fair value of plan…
A: Plan assets include the amount which a company or an organization investing in a fund account for…
Q: Rosaria Co. sponsors a defined benefit pension plan. For the current year ended December 31, the…
A: The plan assets refers to the assets or investments made or held by long term employee benefit fund…
Q: 14 Fajardo Company provided the following pension plan information: Projected benefit obligation –…
A: Defined benefits plans are those plans which are made by the employer for the benefit of employees.
Q: The following information relates to the defined retirement benefit plan of Integrity Company as of…
A: Accrued retirement benefit cost is one of the non current liability reported in the balance sheet of…
Q: CHOOSE THE LETTER OF THE CORRECT ANSWER What is the employee benefit expense for the current year?…
A: Acuturial gan or loss refers to an increase or decrease in the projections used to value a…
Q: You gathered the following information related to Ashley Company’s the defined benefit plan for the…
A: Defined benefit cost for the year = (Ending Present value of obligation + Benefits paid - Beginning…
Q: A Company provided the following information for the current year: Fair value of plan assets –…
A: Actual Return on Plan Assets: An investor's de facto gain or loss on an investment or portfolio is…
Q: How much is actual return on plant assets? a. 200,000 b. 1,000,000 c. 1,100,000 d. 900,000
A: Ending fair value of plan assets = Beginning fair value + contributions received + interest income +…
Show the solution in good accounting form. Thank you!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- 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 yearB. 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:8. Compute the defined benefit costB. 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:9. Compute the amount of prepaid benefit cost that should be reported on December 31
- 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: 6. Compute the employee benefit expense for the current yearBey Company provided the below information for the current year:· Fair value of plan assets, January 1: 8,750,000· Fair value of plan assets, December 31: 9,950,000· Pension benefits paid to retired employees: 600,000· Interest income on plan assets: 900,000· Contributions to the fund: 700,000· Remeasurement gain/loss on plant assets: ??How much is actual return on plant assets? a. 200,000 b. 1,000,000 c. 1,100,000 d. 900,00012 Richelle Company provided the following information during the current year: January 1 December 31 Fair value of plan assets 6,000,000 8,500,000 Projected benefit obligation 5,000,000 6,500,000 Prepaid/accrued benefit cost - surplus 1,000,000 2,000,000 Asset ceiling 700,000 1,200,000 Effect of asset ceiling 300,000 800,000 During the year, entity recognized current service cost of P1,000,000, actual return on plan assets of P400,000, and contribution to plan of P2,100,000. The discount rate is 10%. What is the net remeasurement loss for the current year? Group of answer choices 670,000 700,000 270,000 730,000 PreviousNext
- William and Raj Company provided the following information for the year:Projected benefit obligation - January 1 P 700,000Fair value of plan assets - January 1 560,000Pension benefits paid during the year 50,000Current service cost for the year 350,000Past service cost for the year (vesting period 5 years) 85,000Actual return on plan assets 36,000Contributions to the plan 300,000Actuarial loss due to change in assumptions on projected benefit obligation 40,000Discount or settlement rate 10%Expected return on plan assets 12%1. What is the employee benefit expense for the current year?2. How much is the actuarial gain/loss on return on plan assets?3. What is the prepaid/accrued balance of the pension at yearend?4. How much is the defined benefit cost?5. If the pension benefits paid during the year is worth P50,000 but the company was able to pay only P45,000, what would be the employee benefitexpense for the current year assuming the above given is the same?Richelle Company provided the following information during the current year: January 1 December 31 Fair value of plan assets 6,000,000 8,500,000 Projected benefit obligation 5,000,000 6,500,000 Prepaid/accrued benefit cost - surplus 1,000,000 2,000,000 Asset ceiling 700,000 1,200,000 Effect of asset ceiling 300,000 800,000 During the year, entity recognized current service cost of P1,000,000, actual return on plan assets of P400,000, and contribution to plan of P2,100,000. The discount rate is 10%. What amount of prepaid benefit cost should be reported on December 31?17 Richelle Company provided the following information during the current year: January 1 December 31 Fair value of plan assets 6,000,000 8,500,000 Projected benefit obligation 5,000,000 6,500,000 Prepaid/accrued benefit cost - surplus 1,000,000 2,000,000 Asset ceiling 700,000 1,200,000 Effect of asset ceiling 300,000 800,000 During the year, entity recognized current service cost of P1,000,000, actual return on plan assets of P400,000, and contribution to plan of P2,100,000. The discount rate is 10%. What is the employee benefit expense for the current year? Group of answer choices 930,000 900,000 870,000 800,000 PreviousNext
- 15. Richelle Company provided the following information during the current year: January 1 December 31 Fair value of plan assets 6,000,000 8,500,000 Projected benefit obligation 5,000,000 6,500,000 Prepaid/accrued benefit cost - surplus 1,000,000 2,000,000 Asset ceiling 700,000 1,200,000 Effect of asset ceiling 300,000 800,000 During the year, entity recognized current service cost of P1,000,000, actual return on plan assets of P400,000, and contribution to plan of P2,100,000. The discount rate is 10%. What is the employee benefit expense for the current year? Group of answer choices 900,000 930,000 870,000 800,000Information 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?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…