Problem 10-2 On January 1, 2020, EMILY COMPANY reported the fair value of plan assets at P6,700,000 and projected benefit obligation at P7,600,000. The entity revealed the following for the current year: Current service cost 1,450,000 Past service cost 300,000 Discount rate 10% Actual return on plan assets 500,000 Contribution to the plan 1,500,000 Benefits paid to retirees 800,000 Required: 1. Determine the following: a. Employee benefit expense b. Remeasurement gain or losses in OCI c. Fair value of assets as at December 31, 2020 d. Projected benefit obligation as at December 31, 2020 e. Prepaid or accrued benefit as at December 31, 2020 2. Entry to record retirement related accounts for 2020.

Problem 10-2 On January 1, 2020, EMILY COMPANY reported the fair value of plan assets at P6,700,000 and projected benefit obligation at P7,600,000. The entity revealed the following for the current year: Current service cost 1,450,000 Past service cost 300,000 Discount rate 10% Actual return on plan assets 500,000 Contribution to the plan 1,500,000 Benefits paid to retirees 800,000 Required: 1. Determine the following: a. Employee benefit expense b. Remeasurement gain or losses in OCI c. Fair value of assets as at December 31, 2020 d. Projected benefit obligation as at December 31, 2020 e. Prepaid or accrued benefit as at December 31, 2020 2. Entry to record retirement related accounts for 2020.

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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