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?
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?
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