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after Future value of 1 at 4% for 5 periods PV of an ordinary annuity of 1 at 12% for 6 periods PV of 1 at 12% for 5 periods 1217 4.111 0.567 hligation on December 31

after Future value of 1 at 4% for 5 periods PV of an ordinary annuity of 1 at 12% for 6 periods PV of 1 at 12% for 5 periods 1217 4.111 0.567 hligation on December 31

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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increases are expected to average 4% per year during that The employee is expected to retire in 5 years and the salary The employee is expected to live for 6 years after retiring multiplied by 3% multiplied by number of years with the plan for an employee. Annual payments under the pension Jessabel Company has established a defined benefit pension On December 31, 2020, the employee had worked for Jessabel plan are equal to the employee's highest lifetime salary Problem 17-10 (IAA) entity. Company for 15 years. The current salary is P500.000 period. The employee is expected to live for and will receive the first annual pension payment one vear after retirement. The discount rate is 12%. Future value of 1 at 4% for 5 periods PV of an ordinary annuity of 1 at 12% for 6 periods PV of 1 at 12% for 5 periods 1217 4.111 0.567 What is the projected benefit obligation on December 31, 2020? a. 638,269, b. 225,000 c. 524,460 d. 608,500
Transcribed Image Text:increases are expected to average 4% per year during that The employee is expected to retire in 5 years and the salary The employee is expected to live for 6 years after retiring multiplied by 3% multiplied by number of years with the plan for an employee. Annual payments under the pension Jessabel Company has established a defined benefit pension On December 31, 2020, the employee had worked for Jessabel plan are equal to the employee's highest lifetime salary Problem 17-10 (IAA) entity. Company for 15 years. The current salary is P500.000 period. The employee is expected to live for and will receive the first annual pension payment one vear after retirement. The discount rate is 12%. Future value of 1 at 4% for 5 periods PV of an ordinary annuity of 1 at 12% for 6 periods PV of 1 at 12% for 5 periods 1217 4.111 0.567 What is the projected benefit obligation on December 31, 2020? a. 638,269, b. 225,000 c. 524,460 d. 608,500
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