On January 1, 2021, Dynamax Company had the following balances in its memorandum records: Fair value of plan assets P3,000,000; Defined benefit obligation P3,200,000. Other data related to the retirement benefit plan for 2021 are as follows: Current service cost 140,000 Contribution to the plan Benefits paid Actual return on plan assets 204,000 200,000 185,000 Discount rate 9% Actuarial gain/loss on benefit obligation 20,000 losses

On January 1, 2021, Dynamax Company had the following balances in its memorandum records: Fair value of plan assets P3,000,000; Defined benefit obligation P3,200,000. Other data related to the retirement benefit plan for 2021 are as follows: Current service cost 140,000 Contribution to the plan Benefits paid Actual return on plan assets 204,000 200,000 185,000 Discount rate 9% Actuarial gain/loss on benefit obligation 20,000 losses

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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