Given the following information for current fiscal year Question:Given the following information for current fiscal yearBeginning balance of plan assets at market value - $1,560,000actual return on plan assets - 210,000employers contribution - 150,000distribution to beneficiaries - 75,000Service cost 125,000Interest cost 156,000Changes in benefits and assumptions - 35,000beginning balance of the PBO - 1,580,000What is the ending balance of the projected benefit obligation (PBO)?

Explanation of Projected Benefit Obligation (PBO): This represents the actuarial present value of…

Answered: Question: Given the following…

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter15: Capital Investment Analysis

Section: Chapter Questions

Problem 15.3.2P

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Given the following items and amounts, compute the actual return on plan assets: fair value of plan assets at the beginning of the period $9,200,000; benefits paid during the period $1,400,000; contributions made during the period $1,000,000; and fair value of the plan assets at the end of the period $10,150,000. O a. $ 1,250,000 O b. $ 1,350,000 $ 1,400,000 O d. $ 1,450,000
Given the following information for current fiscal year
What is PBO?
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Please put all of the necessary information and computations for better understanding. Thank you.
Fair value of plan assets 4,750,000Unamortized past service cost 1,250,000Projected benefit obligation 5,500,000Unrecognized actuarial gain 850,000The transactions for the current year relating to the defined benefit plan are as follows:Current service cost 925,000Discount rate 6%Actual return on plan assets 485,000Contribution to the plan 1,350,000Benefits paid to retirees 995,000Increase in projected benefit obligation due to changes in actuarial assumptions 150,000Effective in the current year, the entity has applied the provisions of revised PAS 19 in relation to the definedbenefit plan.REQUIRED:15. Prepare journal entry to recognize the transitional effect of adopting revised PAS 19.16. Determine the employee benefit expense for the current year.17. Compute the remeasurement related to the defined benefit plan.18. Prepare journal entry to record the employee benefit expense.19. Compute for the Fair Value Plan Asset (FVPA) as of December 31.20. Compute for the projected benefit…
The following information on a defined benefit plan is provided: FVPA, beg 2,800,000 PVDBO, beg 2,200,000 Current Service Cost 960,000 Past service cost (vesting for 5 years) 600,000 Benefits Paid 420,000 Return on Plan Assets 600,000 Contributions to the Plan 1,820,000 Increase due to Actuarial Assumptions 240,000 Expected Rate of Return 12% Discount Rate 10% The present value of economic benefits available in the form of refunds from the plan are 400,000 and 800,000, at the beginning and ending of the period. What amount of defined benefit…
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General Accounting Question
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An entity's defined benefit plan has the following information: 12/31/19 12/31/20 Fair value of plan assets P10 million P12 million Defined benefit 8 million 9 million obligation Discount rate 10% 10% Present value of available future refunds and reduction in future 1.6 million 2 million contributions In relation to the asset ceiling, the amount that the entity would recognize in other comprehensive income for the year 2020 is
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