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What amount employee benefit cost should be reported in the profit or loss? 675 000 725 000 1025 000 1075 000 What is the fair value of the plan asset as of December 31, 2018? 3 500 000 3570 000 3 770 000 4 100 000

What amount employee benefit cost should be reported in the profit or loss? 675 000 725 000 1025 000 1075 000 What is the fair value of the plan asset as of December 31, 2018? 3 500 000 3570 000 3 770 000 4 100 000

Intermediate Accounting: Reporting And Analysis
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 6E
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What amount employee benefit cost should be reported in the profit or loss?

675 000

725 000

1025 000

1075 000

What is the fair value of the plan asset as of December 31, 2018?

3 500 000

3570 000

3 770 000

4 100 000

 

The following information is made available involving the defined benefit pension plan of Princess Company for the year 2018: Fair value of plan assets, 1/1/17 P3,500,000 Present value of benefit obligation 1/1/17 3,750,000 Current service cost 700,000 Actuarial return on plan asset 420,000 Contribution to the plan 600,000 Benefits paid to retirees 750,000. Decrease in the present value of benefit obligation due to change in actuarial assumptions 100,000 Present value of defined benefit obligation settled 250,000 Settlement price of defined benefit obligation 200,000 Discount rate 10%
Transcribed Image Text:The following information is made available involving the defined benefit pension plan of Princess Company for the year 2018: Fair value of plan assets, 1/1/17 P3,500,000 Present value of benefit obligation 1/1/17 3,750,000 Current service cost 700,000 Actuarial return on plan asset 420,000 Contribution to the plan 600,000 Benefits paid to retirees 750,000. Decrease in the present value of benefit obligation due to change in actuarial assumptions 100,000 Present value of defined benefit obligation settled 250,000 Settlement price of defined benefit obligation 200,000 Discount rate 10%
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