On June 1, 2020, Ping Corp On June 1, 2020, Ping Corp. purchased 10,000 of Pong's 50,000outstanding shares at a price of P6.00 per share. Pong had earningsof P3,000 per month during 2020 and paid dividends of P10,000 onMarch 1, 2020 and P12,500 on December 1, 2020. The fair value ofPong's shares was P6.50 per share on December 31, 2020.Which statement is correct?O Assuming that the investment is FVTPL, the total effect on Ping's profit orloss for the year ended December 31, 2020 is P2,500.O After all closing entries for 2020 are completed, the effect of the increasein fair value on total shareholders' equity would be the same amountunder the FVTOCI and FVTPL approaches.O Assuming that the investment is an associate, the total effect on Ping'sprofit or loss for the year ended December 31, 2020 is P3,600.O Assuming that the investment is FVTOCI, the total effect on Ping's profitor loss for the year ended December 31, 2020 is P7,500.

Here we can see that ping corporation has purchased 10,000 shares out of 50,000 shares. Therefore…

Answered: On June 1, 2020, Ping Corp. purchased…

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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Splish Corporation has the following balances at December 31, 2020. Projected benefit obligation $2,464,000 Plan assets at fair value 1,906,000 Accumulated OCI (PSC) 1,155,000 What is the amount for pension liability that should be reported on Splish' balance sheet at December 31, 2020? Pension liability balance at December 31, 2020:
B. January 17, 2020, Roddick Company incurred $172,000 in successfully defending one of its patents in an infringement suit. The patent expires during December 2023. Required: Prepare the journal entry needed at the date of the transaction and on December 31, 2020 to record any resultant amortization.
Current Attempt in Progress Cullumber Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2025, the following balances relate to this plan. Plan assets Projected benefit obligation Pension asset/liability Accumulated OCI (PSC) $465,800 604,200 138,400 95,000 Dr. As a result of the operation of the plan during 2025, the following additional data are provided by the actuary. (a) Service cost Settlement rate, 10% Actual return on plan assets Amortization of prior service cost Expected return on plan assets Unexpected loss from change in projected benefit obligation, due to change in actuarial predictions Contributions Benefits paid retirees $86,600 55,000 19,300 52,000 79,600 102,800 88,300 Using the data above, compute pension expense for Cullumber. for the year 2025 by preparing a pension worksheet. (Enter all amounts as positive)
Cullumber Company sponsors a defined benefit pension plan. The corporation's actuary provides the following information about the plan. Vested benefit obligation Accumulated benefit obligation Projected benefit obligation Plan assets (fair value) Settlement rate and expected rate of return Pension asset/liability Service cost for the year 2020 Contributions (funding in 2020) Benefits paid in 202- Actual return on the plan assets $ Net pension liability gains and losses $ (a) Compute the actual return on the plan assets in 2020. Net gain or loss amortization January 1, 2020 $1,640 (d) Compute pension expense for 2020. Pension expense 2,060 $ $ 2,390 1,770 620 230 December 31, 2020 $2,060 2,610 3,230 2,490 (b) Compute the amount of the other comprehensive income (G/L) as of December 31, 2020. (Assume the January 1, 2020, balance was zero.) (Enter loss using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) 10 % ? (c) Compute the amount of net gain or loss…
Shamrock Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2020, the following balances related to this plan. Plan assets (market-related value) $565,000 Projected benefit obligation 656,000 Pension asset/liability 91,000 Cr. Prior service cost 86,000 Net gain or loss (debit) 92,000 As a result of the operation of the plan during 2020, the actuary provided the following additional data for 2020. Service cost $98,000 Settlement rate, 9%; expected return rate, 10% Actual return on plan assets 50,000 Amortization of prior service cost 26,000 Contributions 126,000 Benefits paid retirees 92,000 Average remaining service life of active employees 10 years Using the preceding data, compute pension expense for Shamrock Corp. for the year 2020 by preparing a pension worksheet that shows the journal entry for pension expense. (Enter all amounts as positive.) Use the market-related…
Problem 2 Homework Corporation reported the following items in 2022: Income from Operations $140,000 Dividends received from 25% owned domestic corporation Long-term capital gain Short-term capital loss Charitable contribution Dividends paid 30,000 10,000 (12,000) (26,000) (25,000)
On January 1, 2020, Xiamen Company made amendments to its defined benefit pension plan that resulted in 61,400 yuan of past service cost. The plan has 5,280 active employees with an average expected remaining working life of 10 years. There currently are no retirees under the plan. SE Assume that Xiamen Company is a foreign company using IFRS and is owned by a company using US GAAP Thus, IFRS balances must be converted to U.S. GAAP to prepare consolidated financial statements. Ignore income taxes. Required: a. Prepare journal entries for the past service cost for the years ending December 31, 2020, and December 31, 2021, under (1) IFRS and (2) U.S. GAAP. b. Prepare the entry(ies) that the U.S. parent would make on the December 31, 2020, and December 31, 2021, conversion worksheets to convert IFRS balances to U.S. GAAP
9) Icon International, a software company, incorporated on January 1, 2019 is planning to convert to IFRS. The company decided to present its first IFRS statements for the year ended December 31, 2021. What is the transition date of Icon International? a) January 1, 2019 b) January 1, 2021 c) December 31, 2021 d) December 31, 2019
Not a graded assignment!!!!
6. Buwis Buhay Incorporated had several outstanding obligations on December 31, 2019. The brief descriptions listed below can be ascertained from these liabilities. r. In June 2019, Buwis Buhay was involved in a court case amounting to P10,000,000. The attorney assessed that it is probable that the company will win the case with P4,500,000 as the best estimate of the reward. • In August 2019, Baguio City brought an action against the company for polluting the surrounding rivers with its waste products costing P5,000,000. It is probable that Baguio City will be successful but the amount of damages Buwis Buhay might have to pay is not to exceed P2,500,000. • In December 2019, another litigation case amounting to P20,000,000 was filed against Buwis Buhay for injuring pedestrians due to its renovation projects within the premise. This court case is seen to have remote likelihood of occurrence because the evidences filed are not strong.
Subject - account Please help me. Thankyou.
a. Compute pension expense for 2020. Amortize the full pension gain/loss over the average service life of 15 years using the straight-line method. b. Compute PBO at December 31st, 2020. c. Compute the fair value of plan assets at December 31st, 2020. Please don't provide solution in an image based thanku

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