The following information relates to the defined retirement benefit plan of Integrity Company as of December 31, 2021: Net actuarial gain due to remeasurement of benefit obligation and plan assets taken to OCI - P123,000 Prior service cost due to amendment of plan included in retirement benefit expense - P443,000 Fair value of plan assets - P2,557,000 Accrued benefit obligation - P2,800,000 What amount should be shown in the statement of financial position at December 31, 2021 as Prepaid or Accrued Retirement Benefit Cost? a. P243,000 accrued b. P563,000 accrued c. P323,000 prepaid d. P77,000 prepaid
The following information relates to the defined retirement benefit plan of Integrity Company as of December 31, 2021: Net actuarial gain due to remeasurement of benefit obligation and plan assets taken to OCI - P123,000 Prior service cost due to amendment of plan included in retirement benefit expense - P443,000 Fair value of plan assets - P2,557,000 Accrued benefit obligation - P2,800,000 What amount should be shown in the statement of financial position at December 31, 2021 as Prepaid or Accrued Retirement Benefit Cost? a. P243,000 accrued b. P563,000 accrued c. P323,000 prepaid d. P77,000 prepaid
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter19: Accounting For Post Retirement Benefits
Section: Chapter Questions
Problem 5E
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The following information relates to the defined retirement benefit plan of Integrity Company as of December 31, 2021:
- Net actuarial gain due to remeasurement of benefit obligation and plan assets taken to OCI - P123,000
- Prior service cost due to amendment of plan included in retirement benefit expense - P443,000
- Fair value of plan assets - P2,557,000
- Accrued benefit obligation - P2,800,000
What amount should be shown in the
a. P243,000 accrued
b. P563,000 accrued
c. P323,000 prepaid
d. P77,000 prepaid
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