An entity's defined benefit plan has the followinginformation:12/31/1912/31/20Fair value of plan assetsP10 millionP12 millionDefined benefit8 million9 millionobligationDiscount rate10%10%Present value of availablefuture refunds andreduction in future1.6 million2 millioncontributionsIn relation to the asset ceiling, the amount that the entitywould recognize in other comprehensive income for theyear 2020 is

Amount that the entity would recognize in other comprehensive income for the year 2020 = Present…

Answered: An entity's defined benefit plan has…

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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The following date relate to the defined benefit plan of CCC Company for the year ended December 31, 20x8: Present value of benefit obligation, January 1, 20x8 Current service cost Benefits paid during the year Discount rate Present value of benefit obligation, December 31 20x8 1. P15,000,000 800,000 1,500,000 6% 17,410,000 Ignore income tax, what amount of remeasurement gain or loss that should be included in the other comprehensive income?
Employee benefits
16 The memorandum records of Galindez Trading at January 1, 2021 show the following data: Define Benefit Obligation 2,600,000 Fair value of plan asset 3,000,000 The following information for 2021 is also provided: Service cost 800,000 Actual return on plan assets 300,000 Benefits paid 350,000 Contributions to the plan 780,000 Actuarial loss on remeasurement of defined benefit obligation 100,000 Discount rate 9% How much is the net prepaid/accrued defined benefit cost that was shown on December 31, 2020 balance sheet? Group of answer choices 400,000 accrued 346,000 prepaid 346,000 accrued 400,000 prepaid PreviousNext
E. Chariton Company provided the tollowing intormation concerning a detined benetit plan at the beginning of Surrent year prior to the adoption of revised PAS 19: Debit Credit Fair value of plan assets Unamortized past service cost Projected benefit obligation Unrecognized actuarial gain 4,750,000 1,250,000 5,500,000 850,000 The transactions for the current year relating to the defined benefit plan are as follows: Current service cost 925,000 Discount rate 6% Actual return on plan assets Contribution to the plan Benefits paid to retirees 485,000 1,350,000 995,000 Increase in projected benefit obligation due to changes in actuarial assumptions 150,000 Effective in the current year, the entity has applied the provisions of revised PAS 19 in relation to the defined benefit plan. REQUIRED: 15. Prepare journal entry to recognize the transitional effect of adopting revised PAS 19. 16. Determine the employee benefit expense for the current year. 17. Compute the remeasurement related to the…
Pension data for Sterling Properties include the following: Service cost, 2024 Projected benefit obligation, January 1, 2024 Plan assets (fair value), January 1, 2024 Prior service cost-AOCI (2024 amortization, $8) Net loss-AOCI (2024 amortization, $2) Interest rate, 5% Expected return on plan assets, 9% Actual return on plan assets, 10% Required: ($ in thousands) $ 125 660 700 90 111 Assume Sterling Properties prepares its financial statements according to International Financial Reporting Standards (IFRS). The interest rate on high-grade corporate bonds is 5%. Determine the net pension cost. Note: Enter your answer in thousands (i.e., 10,000 should be entered as 10). Answer is complete but not entirely correct. Net pension cost $ 105 thousand Assessment Tool iFrame
Information about the defined benefit plan of the company are shown below: Fair value on plan assets, January 1, 2021 6,000,000 PV of Defined benefit obligation, January 1, 2021 7,800,000 Actual return on plan asset 180,000 Benefits paid during the year 1,000,000 Contributions during the year 800,000 Current service cost 800,000 Discount rate 5% What is the balance of the defined benefit liability as of December 31, 2021?
Given the following items and amounts, compute the actual return on plan assets: fair value of plan assets at the beginning of the period $9,500,000, benefits paid during the period $1,400,000, contributions made during the period $1,000,000, and fair value of the plan assets at the end of the period $10,150,000.
Information 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?
William and Raj Company provided the following information for the year:Projected benefit obligation - January 1 P 700,000Fair value of plan assets - January 1 560,000Pension benefits paid during the year 50,000Current service cost for the year 350,000Past service cost for the year (vesting period 5 years) 85,000Actual return on plan assets 36,000Contributions to the plan 300,000Actuarial loss due to change in assumptions on projected benefit obligation 40,000Discount or settlement rate 10%Expected return on plan assets 12%1. What is the employee benefit expense for the current year?2. How much is the actuarial gain/loss on return on plan assets?3. What is the prepaid/accrued balance of the pension at yearend?4. How much is the defined benefit cost?5. If the pension benefits paid during the year is worth P50,000 but the company was able to pay only P45,000, what would be the employee benefitexpense for the current year assuming the above given is the same?
Prepare journal entry to recognize the transitional effect of adopting revised PAS 19.
Information on an entity's defined benefit plan are shown below Return on plan asset 240,000 Fair value of plan asset, Jan 1, 2020 2,000,000 Benefits paid to retirees 600,000 Settlement gain on early retirement 100,000 Contributions to the fund 900,000 What is the balance of the Fair value of plan asset on December 31, 2020?
15 The memorandum records of Galindez Trading at January 1, 2021 show the following data: Define Benefit Obligation 2,600,000 Fair value of plan asset 3,000,000 The following information for 2021 is also provided: Service cost 800,000 Actual return on plan assets 300,000 Benefits paid 350,000 Contributions to the plan 780,000 Actuarial loss on remeasurement of defined benefit obligation 100,000 Discount rate 9% What are the balances of Benefit Obligation and Plan Asset at December 31, 2021? Group of answer choices 3,184,000 3,730,000 3,384,000 3,730,000 3,384,000 3,700,000 3,184,000 3,700,000

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