The memorandum records of Galindez Trading at January 1, 2021 show the following data: Define Benefit Obligation 2,600,000 Fair value of plan asset 3,000,000 The following information for 2021 is also provided: Service cost 800,000 Actual return on plan assets 300,000 Benefits paid 350,000 Contributions to the plan 780,000 Actuarial loss on remeasurement of defined benefit obligation 100,000 Discount rate 9% How much is the net defined benefit liability/asset that will be shown on December 31, 2021 statement of financial position? Group of answer choices 346,000 prepaid 454,000 prepaid 346,000 accrued 454,000 accrued
The memorandum records of Galindez Trading at January 1, 2021 show the following data: Define Benefit Obligation 2,600,000 Fair value of plan asset 3,000,000 The following information for 2021 is also provided: Service cost 800,000 Actual return on plan assets 300,000 Benefits paid 350,000 Contributions to the plan 780,000 Actuarial loss on remeasurement of defined benefit obligation 100,000 Discount rate 9% How much is the net defined benefit liability/asset that will be shown on December 31, 2021 statement of financial position? Group of answer choices 346,000 prepaid 454,000 prepaid 346,000 accrued 454,000 accrued
Financial Reporting, Financial Statement Analysis and Valuation
8th Edition
ISBN:9781285190907
Author:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw
Publisher:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw
Chapter9: Operating Activities
Section: Chapter Questions
Problem 13QE
Related questions
Question
13
The memorandum records of Galindez Trading at January 1, 2021 show the following data:
|
Define Benefit Obligation |
2,600,000 |
|
Fair value of plan asset |
3,000,000 |
The following information for 2021 is also provided:
|
Service cost |
800,000 |
|
Actual return on plan assets |
300,000 |
|
Benefits paid |
350,000 |
|
Contributions to the plan |
780,000 |
|
Actuarial loss on remeasurement of defined benefit obligation |
100,000 |
|
Discount rate |
9% |
How much is the net defined benefit liability/asset that will be shown on December 31, 2021
Group of answer choices
346,000 prepaid
454,000 prepaid
346,000 accrued
454,000 accrued
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