Mermade Corp. adopts the IFRS for its defined benefit retirement plan on January 1, 2021, with thefollowing beginning balances:Fair Value of Plan Assets are Php 200,000.00Defined Benefit Obligation is Php is 250,000.00The following are other information relating to the years 2021, 2022, and 2023:202320222021P26,000.00 P 19,000.00 P 16,000.00Current service costDiscount rateActual return on plan assetsContributions to the planBenefits paid to retiree10%10%10%24,000.0048,000.0021,000.0022,000.0020,000.0040,000.0016,400.0016,000.0014,000.00Other information:1. The plan was amended on January 1, 2022 which resulted to a Past Service Cost of Php160,000.002. On December 31, 2023, there were changes in the actuarial assumptions that establishes adefined benefit obligation as of December 31, 2023 in the amount of Php 520,000.00.Required: For each year (2021, 2022, and 2023), prepare a worksheet presenting the halances and theactivities of the pensio.

RECONCILITION OF PLAN ASSETS AND DEFINED BENEFIR OBLIGATION (DBO) (AMT IN Php) PARTICULARS…

Mermade Corp. adopts the IFRS for its defined benefit retirement plan on January 1, 2021, with the following beginning balances: Fair Value of Plan Assets are Php 200,000.00 Defined Benefit Obligation is Php is 250,000.00 The following are other information relating to the years 2021, 2022, and 2023: 2021 P26,000.00 P 19,000.00 P 16,000.00 10% 20,000.00 16,000.00 14,000.00 2023 2022 Current service cost Discount rate Actual return on plan assets Contributions to the plan Benefits paid to retiree 10% 10% 24,000.00 48,000.00 21,000.00 22,000.00 40,000.00 16,400.00 Other information: 1. The plan was amended on January 1, 2022 which resulted to a Past Service Cost of Php 160,000.00 2. On December 31, 2023, there were changes in the actuarial assumptions that establishes a defined benefit obligation as of December 31, 2023 in the amount of Php 520,000.00. Required: For each year (2021, 2022, and 2023), prepare a worksheet presentino the halances and the activities of the pensio.

Mermade Corp. adopts the IFRS for its defined benefit retirement plan on January 1, 2021, with the following beginning balances: Fair Value of Plan Assets are Php 200,000.00 Defined Benefit Obligation is Php is 250,000.00 The following are other information relating to the years 2021, 2022, and 2023: 2021 P26,000.00 P 19,000.00 P 16,000.00 10% 20,000.00 16,000.00 14,000.00 2023 2022 Current service cost Discount rate Actual return on plan assets Contributions to the plan Benefits paid to retiree 10% 10% 24,000.00 48,000.00 21,000.00 22,000.00 40,000.00 16,400.00 Other information: 1. The plan was amended on January 1, 2022 which resulted to a Past Service Cost of Php 160,000.00 2. On December 31, 2023, there were changes in the actuarial assumptions that establishes a defined benefit obligation as of December 31, 2023 in the amount of Php 520,000.00. Required: For each year (2021, 2022, and 2023), prepare a worksheet presentino the halances and the activities of the pensio.

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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