REQUIRED: 7. Compute the net remeasurement loss for the current year
Q: At the beginning of the current year, the memorandum records of Anne Company's defined benefit plan…
A: Defined benefit pension plans are the retirement designs that include providing a fixed and…
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: Service cost $1,000,000 Actual return on plan assets Annual contribution to the plan Amortization of…
A: Pension plan:- A pension plan is defined as the retirement plan that requires an employer of…
Q: The memorandum records of Galindez Trading at January 1, 2021 show the following data: Define…
A: Given, Defined Benefit Obligation = 2,600,000
Q: The following information is taken from the actuarial valuation report of Daddy, Inc.'s defined…
A: Employees Benefit Expenses: It is the consideration paid to an employee by the company in return…
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: Jeff Irvin Company provided the following information for the current year: Current service cost…
A: Total defined cost = Current service cost + Interest on PBO + Loss on settlement + past service…
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: Richelle Company provided the following information during the current year: January 1 December…
A: Prepaid benefit-cost reported on December 31 = Prepaid / Accrued Benefit Cost-Surplus - Effect on…
Q: At the beginning of the current year, the memorandum records of Anne Company’s defined benefit plan…
A: Ending Defined benefit obligation = Beginning Defined benefit obligation - Benefits paid + Current…
Q: An entity provided the following items related to its defined benefit plan for 2019: January 1…
A: Interest rate = Interest income / Fair value of plan assets at beginning = 160000/1600000 = 10%
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: 4 You gathered the following information related to Ashley Company’s the defined benefit plan for…
A: Defined benefit cost for the year means how much amount needs to be expense out for the defined…
Q: Information on Entity A's defined benefit plan is as follows: PV of DBO - Jan. 1, 20x1 1,800,000…
A: Net defined benefit liability (asset) on year end = PV OF DBO DECEMBER 31 - FVPA DEC 31
Q: Problem 10-2 On January 1, 2020, EMILY COMPANY reported the fair value of plan assets at P6,700,000…
A:
Q: An entity provided the following information during the current year: January 1 December 31 Fair…
A: Interest cost = Beginning Projected benefit obligation x discount rate = 4,500,000*10% = 450,000
Q: riton Company provided the following information concerning a defined at the beginning of current…
A: In a company's accounting records, a journal entry is used to memorialize a commercial transaction.…
Q: rent year, entity provided the following connection defined benefit plan: Fair value of plan assets…
A: Past service cost that amortised in this year=1200000/5=240000
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: Use the following information for the next five (5) questions: The memorandum records of Galindez…
A: NOTE : As per BARTLEBY guidelines, when multiple questions are given then first question is to be…
Q: The following information on a defined benefit plan is provided: FVPA, beg beg 2,200,000 Current…
A: Defined Benefit Plan Employees of the entity are given with a defined benefit plan after they have…
Q: At the beginning of the current year, the memorandum records of Anne Company's defined benefit plan…
A: Defined benefit plans are those plans which are made by the empployer for providing benefits or to…
Q: Fair value of plan assets relation to a defined benefit plan for the current year: Projected benefit…
A: “Since you have posted a question with multiple sub-parts, we will solve first three subparts for…
Q: An entity provided the following items related to its defined benefit plan for 2019: January 1…
A: According to the accounting standard benefit expenses include the following Current service Cost…
Q: A Company provided the following information for the current year: Current service cost 500,000…
A: PBO is an integral part of Employer management structure and it stands for "Projected Benefit…
Q: An entity's defined benefit plan has the following information: 12/31/19 12/31/20 Fair value of plan…
A: Amount that the entity would recognize in other comprehensive income for the year 2020 = Present…
Q: #14 Stefan company provided the following information in relation to a defined benefit plan for the…
A: Defined Benefit Plan A defined-benefit plan is an employer-sponsored retirement programme where…
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: Determine the employee benefit expense for the current year.
A: Employee benefits refer to all forms of compensation (cash/non-cash) paid by an employer to employee…
Q: 10 At the beginning of the current year, the memorandum records of Anne Company’s defined benefit…
A: Defined benefit obligation is the present value of obligations that are to be paid by employer to…
Q: E. Charlton Company provided the following information concerning a defined benefit plan at the…
A: Fair value of plan assets at year-end = Fair value of plan assets at beginning + contribution to the…
Q: (Computation of Pension Expense) Veldre Company provides the following information about its defined…
A: The net periodic pension costs include: 1. Current service cost 2. Past service cost 3. Interest…
Q: Richelle Company provided the following information during the current year: January 1…
A: Employees Benefit Employees benefits which are provide for the compensation of the work done into…
Q: At the beginning of current year, an entity provided the following information in connection with a…
A: Interest cost = Beginning Projected benefit obligation x discount rate = 13000000*10% = 1,300,000
Q: (Postretirement Benefit Expense Computation) Englehart Co. provides the following information about…
A:
Q: Hawkins Corporation has the following balances at December 31, 2020. Projected benefit obligation…
A:
Q: Given the following items and amounts, compute the actual return on plan assets: fair value of plan…
A: Plan assets: An asset which is created, maintained and planned for a specific purpose or benefit is…
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: You gathered the following information related to Ashley Company's the defined benefit plan for the…
A: step 1: calculation of beginning funded status =beginning plan assets – beginning PBO…
Q: Information about the defined benefit plan of the company is shown belowFair value on plan asset,…
A: Contributions to defined benefit plans are often tax-deductible for employers. Improved employee…
Q: William and Raj Company provided the following information for the year:Projected benefit obligation…
A: Pension Worksheet - IFRS Items Annual Pension Expense Cash OCI- Prior Service Cost OCI -Gain/…
Q: ual return on plan assets 300,000 Benefits paid 350,000 Contributions to the plan 780,000…
A: The components of defined benefit cost are recognized as follows Service cost attributable to the…
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: Richelle Company provided the following information during the current year: January 1 December…
A: Employee Benefit Expense = Current Service Cost + Net Interest on Defined Benefit Liability
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: On January 1, 20x1, Entity A had the following general borrowings. A part of the proceeds was used…
A: Calculation Rate: First loan Interest = 12% x P1,000,000 =…
B. An entity provided the following information during the current year:
January 1 December 31
Fair value of plan assets 6,000,000 9,000,000
Projected benefit obligation 4,500,000 5,000,000
Prepaid/accrued benefit cost – surplus 1,500,000 4,000,000
Asset ceiling 1,000,000 2,500,000
Effect of asset ceiling 500,000 1,500,000
During 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
Step by step
Solved in 4 steps
- 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 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: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 year12 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 PreviousNext17 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 900,000 930,000 870,000 800,000Richelle 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?#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
- Fair 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 year7. Compute the net remeasurement loss for the current year8. Compute the defined benefit cost9. Compute the amount of prepaid benefit cost that should be reported on December 31William 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?14.Shirley Company obtained the following information at the beginning of the currentyear prior to the adoption of PAS 19R:Projected benefit obligation 9,000,000Fair value of plan assets 10,000,000Unrecognized actuarial loss 1,500,000During the current year, the actuary determined the current service cost at P2,500,000and the discount rate at 10%. The actual return on plan assets was P 1,200,000.Contribution to the plan amounted to P500,000. The actuarial loss due to increase in PBOduring the year was P900,000 and the average remaining service period is 10 years.What is the employee benefit expense?