An entity provided the following information for the current year: Current service cost 500,000 300,000 600,000 Interest income on plan assets 350,000 Loss on plan settlement before normal retirement date 250,000 10% Past service cost during the year Interest on PBO Present value of benefit obligation settled in advance 950,000 850,000 200,000 1,500,000 1,000,000 Actual return on plan assets Actuarial loss on PBO during the year Contribution to the plan Benefits paid to retirees Discount or settlement rate What is the net remeasurement of the defined benefit plan for the current year?

Q: The Shasti Corporation reported the following for the year ending December 31, 20X1:   Service…

A: Expected return on Plan Assets = Plan assets, January 1, 20X1 x Expected return on plan assets…

Q: Tacit Inc. sponsors a defined benefit plan and determined that for the current year, service cost…

A: Pension Expenses: It is the amount charged  to  expenses by business  in respect of liabilities for…

Q: What is the present value of benefit obligation as of Dec 31, 20x8?

A: The present value of benefit obligation (PBO) is a financial measure used in pension accounting to…

Q: Given the following items and amounts, compute the actual return on plan assets: fair value of plan…

A: Actual return on plan assets = Fair value of plan assets at the end + Benefit paid - Contribution…

Q: ($ in millions) debit (Credit) Beginning balance Service cost Interest cost Expected return on…

A: Prior service cost at the beginning of the year = Prior service cost at the end of the year +…

Q: 8. Prepare journal entry to record the employee benefit expense. 19. Compute for the Fair Value Plan…

A: Project benefit Obligation-A projected benefit obligation (PBO) is an actuarial measurement of what…

Q: Jordon Corporation obtains the following information from its actuary. All amounts given are as of…

A: Employee benefits are those perks and benefits which are being provided to employees. Pension cost…

Q: Fair value of plan assets 4,750,000 Unamortized past service cost 1,250,000 Projected benefit…

A: PAS 19 (Philippine Accounting Standards 19) pertains to employee benefits, including pensions,…

Employee Benefits

In an organization employees are the most important resource and most important asset. They can lead an organization to the sky or can be the reason for unsuccessful of business. Therefore, it is very much important that employees of an organization should be satisfied by the environment of the organization and most importantly with the salary, wages incentives, etc.