On December 31, 2020, ABC Company had the following balances in its memorandum records related to its defined benefit plan: • Fair value of plan assets- P10,000,000 · Benefit obligation- P12,000,000 Other relevant information relating to the plan for 2021 follows: Current service cost- P2,000,000 Past service cost- P1,300,000 Actual return on plan assets- P1,500,000 Actuarial gain on benefit obligation- P400,000 Actuarial gain on plan assets- P500,000 Present value of benefits settled- P900,000 Settlement price- P800,000 Contribution to the plan- P3,100,000 Discount rate- 12% How much is the employee benefit expense taken to profit or loss during 2021?

On December 31, 2020, ABC Company had the following balances in its memorandum records related to its defined benefit plan: • Fair value of plan assets- P10,000,000 · Benefit obligation- P12,000,000 Other relevant information relating to the plan for 2021 follows: Current service cost- P2,000,000 Past service cost- P1,300,000 Actual return on plan assets- P1,500,000 Actuarial gain on benefit obligation- P400,000 Actuarial gain on plan assets- P500,000 Present value of benefits settled- P900,000 Settlement price- P800,000 Contribution to the plan- P3,100,000 Discount rate- 12% How much is the employee benefit expense taken to profit or loss during 2021?

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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