The following data are for the pension plan for the employees of R Company. 1/1/15 12/31/15 12/31/16 Defined benefit obligation P8,100,000 P8,400,000 P11,100,000 Plan assets (at fair value) 6,900,000 9,000,000 9,900,000 AOCI – net loss -0- 1,440,000 1,500,000 Discount rate (for year) 8% 7% R's contribution was P1,260,000 in 2016 and benefits paid were P1,125,000. R estimates that the average remaining service life is 15 years. Assume that the actual return on plan assets in 2016 was P800,000. The gain on plan assets in 2016 was
The following data are for the pension plan for the employees of R Company. 1/1/15 12/31/15 12/31/16 Defined benefit obligation P8,100,000 P8,400,000 P11,100,000 Plan assets (at fair value) 6,900,000 9,000,000 9,900,000 AOCI – net loss -0- 1,440,000 1,500,000 Discount rate (for year) 8% 7% R's contribution was P1,260,000 in 2016 and benefits paid were P1,125,000. R estimates that the average remaining service life is 15 years. Assume that the actual return on plan assets in 2016 was P800,000. The gain on plan assets in 2016 was
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter19: Accounting For Post Retirement Benefits
Section: Chapter Questions
Problem 6RE
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![The following data are for the pension plan for the employees of R Company.
1/1/15
12/31/15
12/31/16
Defined benefit obligation
P8,100,000
P8,400,000
P11,100,000
Plan assets (at fair value)
6,900,000
9,000,000
9,900,000
AOCI – net loss
-0-
1,440,000
1,500,000
Discount rate (for year)
8%
7%
R's contribution was P1,260,000 in 2016 and benefits paid were P1,125,000. R estimates
that the average remaining service life is 15 years. Assume that the actual return on plan
assets in 2016 was P800,000. The gain on plan assets in 2016 was](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fab361a0e-c711-4551-b560-f2155b4225db%2F24eb7de1-cea9-4a5c-8725-dfd23ed666a1%2Flps5hyx_processed.png&w=3840&q=75)
Transcribed Image Text:The following data are for the pension plan for the employees of R Company.
1/1/15
12/31/15
12/31/16
Defined benefit obligation
P8,100,000
P8,400,000
P11,100,000
Plan assets (at fair value)
6,900,000
9,000,000
9,900,000
AOCI – net loss
-0-
1,440,000
1,500,000
Discount rate (for year)
8%
7%
R's contribution was P1,260,000 in 2016 and benefits paid were P1,125,000. R estimates
that the average remaining service life is 15 years. Assume that the actual return on plan
assets in 2016 was P800,000. The gain on plan assets in 2016 was
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