On December 31, 2020, GHI 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?

Q: U.S. Metallurgical Inc. reported the following balances in its financial statements and disclosure…

A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…

Q: U.S. Metallurgical Incorporated reported the following balances in its financial statements and…

A: "Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

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A: “Since you have posted multiple questions, we will provide the solution only to the first question…

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A: Many forms of costs that an employer provides to its retirees are known as postretirement costs.…

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Employee Benefits

In an organization employees are the most important resource and most important asset. They can lead an organization to the sky or can be the reason for unsuccessful of business. Therefore, it is very much important that employees of an organization should be satisfied by the environment of the organization and most importantly with the salary, wages incentives, etc.