The following facts relate to the Lional Co. postretirement benefits plan for 2021: · Service cost- P136,000 · Discount rate- 9% · Post-employment benefit obligation, January 1, 2021- P1,200,000 · Benefit payments to employees- P92,000 The amount of postretirement expense for 2021 is?

The following facts relate to the Lional Co. postretirement benefits plan for 2021: · Service cost- P136,000 · Discount rate- 9% · Post-employment benefit obligation, January 1, 2021- P1,200,000 · Benefit payments to employees- P92,000 The amount of postretirement expense for 2021 is?

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter19: Deferred Compensation

Section: Chapter Questions

Problem 35P: In 2019, Magenta Corporation paid compensation of 45,300 to the participants in a profit sharing...

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Concept explainers

Employee Benefits

In an organization employees are the most important resource and most important asset. They can lead an organization to the sky or can be the reason for unsuccessful of business. Therefore, it is very much important that employees of an organization should be satisfied by the environment of the organization and most importantly with the salary, wages incentives, etc.

Question

The following facts relate to the Lional Co. postretirement benefits plan for 2021:
· Service cost- P136,000
· Discount rate- 9%
· Post-employment benefit obligation, January 1, 2021- P1,200,000
· Benefit payments to employees- P92,000

The amount of postretirement expense for 2021 is?

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