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An entity's defined benefit plan has the following information: 12/31/19 12/31/20 Fair value of plan assets P10 million P12 million Defined benefit 8 million 9 million obligation Discount rate 10% 10% Present value of available future refunds and reduction in future 1.6 million 2 million contributions In relation to the asset ceiling, the amount that the entity would recognize in other comprehensive income for the year 2020 is

An entity's defined benefit plan has the following information: 12/31/19 12/31/20 Fair value of plan assets P10 million P12 million Defined benefit 8 million 9 million obligation Discount rate 10% 10% Present value of available future refunds and reduction in future 1.6 million 2 million contributions In relation to the asset ceiling, the amount that the entity would recognize in other comprehensive income for the year 2020 is

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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An entity's defined benefit plan has the following information: 12/31/19 12/31/20 Fair value of plan assets P10 million P12 million Defined benefit 8 million 9 million obligation Discount rate 10% 10% Present value of available future refunds and reduction in future 1.6 million 2 million contributions In relation to the asset ceiling, the amount that the entity would recognize in other comprehensive income for the year 2020 is
Transcribed Image Text:An entity's defined benefit plan has the following information: 12/31/19 12/31/20 Fair value of plan assets P10 million P12 million Defined benefit 8 million 9 million obligation Discount rate 10% 10% Present value of available future refunds and reduction in future 1.6 million 2 million contributions In relation to the asset ceiling, the amount that the entity would recognize in other comprehensive income for the year 2020 is
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