5) The following information for Cooper Enterprises is given below: Assets and obligations Plan assets (at fair value) Accumulated benefit obligation December 31, 2021 $600,000 1,110,000
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- The following information pertains to Lacson Corporation defined benefit plan for the year 2022: Defined benefit obligation, January 1, 2022 P 2,500,000 Fair value of plan assets, January 1, 2022 2,000,000 Actual return on plan assets 300,000 Fair value of plan assets, December 31, 2022 2,100,000 Present value of additional DBO settled 175,000 Defined benefit obligation, December 31, 2022 2,400,000 Current service cost 500,000 Discount rate 10% Benefits paid to retirees (at scheduled retirement) 620,000 Contribution made during the year 600,000 What amount of net measurement gain/loss should be reported in other comprehensive income? 155,000 O 150,000 O 45,000 O 50,000 OInformation about the defined benefit plan of the company is shown belowFair value on plan asset, January 1, 2021 3,000,000Contribution to the fund 1,500,000Return on plan assets 160,000Defined benefit liability. December 31, 2021 410,000Defined benefit obligation, December 31, 2021 4,550,000What is the balance of the fair value on plan asset as of December 31, 2021?REQUIRED:2. Compute the net remeasurement gain for the current year
- The following information was extracted from the records of Jackson Ltd as at 30 June 2020.Asset (liability)Accounts receivableMotor vehiclesProvision for warrantyDeposits received in advanceCarrying amount$150 000165 000(12 000)(15 000)Tax base$175 000125 00000The depreciation rates for accounting and taxation are 15% p.a. and 25% p.a. respectively. Depositsare taxable when received, and warranty costs are deductible when paid. An allowance for doubtfuldebts of $25 000 has been raised against accounts receivable for accounting purposes, but such debtsare deductible only when written off as uncollectable.Required1. Calculate the temporary differences for Jackson Ltd as at 30 June 2020. Justify yourclassification of each difference as either a deductible temporary difference or a taxabletemporary difference.2. Prepare a deferred tax worksheet and the journal entry to record deferred tax for the yearended 30 June 2020 assuming no deferred items had been raised in prior years.At December 31, 2023, Crane Corporation provided you with the following information: Defined benefit obligation, December 31, 2023 $3,420,000 Plan assets at fair value, December 31, 2023 2,435,000 Past service cost from plan amendment on December 31, 2023 1,005,500 Determine the account and its balance that should be reported on Crane's December 31, 2023 balance sheet if it applies ASPE. Net defined benefit $ How should the $1,005,500 be reported? The $1,005,500 eTextbook a should be reported on balance sheet should be reported separately on the statement of income or in the notes should not be reportedHow much is the net defined benefit liability (asset) in Entity A’s December 31, 20x0 statement of financial position?
- The following relates to the define benefit obligation plan for Tokwa’t Baboy Inc. in 2016:Accrued benefit obligation, January 1 4,600,000Accrued benefit obligation, December 31 4,929,000FV of plan assets, January 1 5,035,000FV of plan assets, December 31 5,565,000Actuarial gain due to remeasurement of benefit obligation 32,500Employer contributions 425,000Benefits paid to retirees 390,000Discount rate 10% The service cost for current year would beA. P219,500 B. P226,500 C. P262,500 D. P291,500 . The actual return on plan assets for the year isA. P105,000 B. P495,000 C. P503,500 D. P512,000 What is the retirement benefit expense reported in profit or loss for the year 2016?A. P224,000 B. P242,000 C. P248,000 D. P284,000Actuarial gain or loss - plan assets Fair value of plan assets (1 July 2013) Plus: Return on plan assets (6% x $94 356 000) Contributions Minus: Benefits paid Actuarial Fair value of plan assets (30 June 2014) Required: Select a correct answer for each blank. $94 356 000 5 661 360 8 640 000 (15 552 000) $95 832 000REQUIRED: Compute the employee benefit expense for the current year, net remeasurement loss for the current year, defined benefit cost and the amount of prepaid benefit cost that should be reported on December 31
- 1. The following information is from Direct to You Corp.’s (DYC) financial records for its year ended December 31, 2020: Select statement of financial position information: 2020 2019 Investments in financial assets (at fair value through profit or loss [FVPL]) 12,000 10,000 Inventory 575,000 498,000 Property, plant, and equipment (PPE) 1,984,000 1,396,000 Less: accumulated depreciation (650,400) (487,000) Copyright 126,000 135,000 Patents 564,000 417,000 Select statement of comprehensive income information: Depreciation of property, plant, and equipment (334,400) Amortization of patents (65,000) Interest expense (75,000) Impairment loss — copyright (9,000) Gain on sale of PPE 23,000 Additional information: PPE that originally cost $570,000 was sold during the year. 100,000 common shares were issued in 2020 to acquire $450,000 of property, plant, and equipment. DYC is subject to IFRS. What amount of net cash used…Net interest on the net defined benefit liability (asset) Remeasurements of the net defined benefit liability benefit plan shows the following information: How much will be shown in profit or loss and in other 9. The actuarial valuation report of Entity A's post-employment c. P200,000 net defined benefit liability in noncurrent P200,000 net defined benefit asset in noncurrent assets unting for de PAS 259 Emplayer Benefits ned benefit liabilities y (asset) d. PIM in noncurrent liabilities 300,000 Service cost 90,000 (20,000) 370,000 unting for whid Total defined benefit cost comprehensive income? Profit or loss ans Other comprehensive income a. 370,000 b. 300,000 C. 390,000 d. 70,000 (20,000) 370,000 ly to affect te benefit plan? 10. According to PAS 19, how are other long-term benefits accounted for? a. similar to defined benefit plans. b. similar to short-term employee benefits except that the cash flows are discounted. C. similar to defined benefit plans except that all the…On January 1, 2021, Period Company provided the following information: Fair value of plan assets 13,000,000Projected benefit obligation (10,000,000)Prepaid/Accrued Benefit Cost 3,000,000The entity revealed the following transactions affecting the plan for the current year:Current service cost 2,500,000Past service cost – remaining vesting period of covered employees is 3 years 1,200,000Contribution to the plan 3,000,000Benefits paid to retirees 3,500,000Actual return on plan assets 1,500,000Decrease in projected benefit obligation due to change in actuarial assumptions 400,000Discount rate 10%Expected return on plan assets 12% w. What is the employee benefit expense for the current year?x. What is the net remeasurement gain for the current year?y. What is the projected benefit obligation on December 31, 2021?z. What amount should be reported as accrued or prepaid benefit cost on December 31, 2021?