Information on Entity A's defined benefit plan is as follows: PV of DBO - Jan. 1, 20x1 1,800,000 1,440,000 2,160,000 1,572,000 390,000 120,000 132,000 FVPA - Jan.1, 20x1 PV of DBO - Dec. 31, 20x1 Dec. 31, 20x1 FVPA, end. Current service cost Actuarial loss Return on plan assets Discount rate 5%
Information on Entity A's defined benefit plan is as follows: PV of DBO - Jan. 1, 20x1 1,800,000 1,440,000 2,160,000 1,572,000 390,000 120,000 132,000 FVPA - Jan.1, 20x1 PV of DBO - Dec. 31, 20x1 Dec. 31, 20x1 FVPA, end. Current service cost Actuarial loss Return on plan assets Discount rate 5%
Information on Entity A's defined benefit plan is as follows: PV of DBO - Jan. 1, 20x1 1,800,000 1,440,000 2,160,000 1,572,000 390,000 120,000 132,000 FVPA - Jan.1, 20x1 PV of DBO - Dec. 31, 20x1 Dec. 31, 20x1 FVPA, end. Current service cost Actuarial loss Return on plan assets Discount rate 5%
How much is the net defined benefit liability (asset) in Entity A’s December 31, 20x1 statement of financial position?
Transcribed Image Text:Information on Entity A's defined benefit plan is as follows:
PV of DBO - Jan. 1, 20x1
1,800,000
1,440,000
FVPA - Jan.1, 20x1
PV of DBO -
Dec. 31, 20х1
Dec. 31, 20х1
2,160,000
1,572,000
390,000
120,000
132,000
FVPA, end.
Current service cost
Actuarial loss
Return on plan assets
Discount rate
5%
Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.
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