The following information is given about a funded defined benefit plan of Royce Company. On January 1, 20x6, ROYCE Company initiated a pension plan for its employees. The company's actuary estimates that the present value of the retroactive benefits related to this pension plan amounts to P400,000. The remaining service life of the covered active employees is 10 years. Relevant data for 20x6 to 20x9 are as follows: Benefits paid to employees during 20x9 amounts to P100,000 20x6 20x7 20x8 20x9 Current service 68,000 100,000 200,000 210,000 cost Expected settlement rate 8% 10% 12% 5% Funding made on 150,000 165,000 146,000 300,000 December 31 Expected rate of return Actuarial return 10% 14% 10% 15,000 on plan assets Market value of 330,000 500,000 825,000 plan assets on December 31 Actuarial Defined 650,000 1,000,000 1,200,000 Benefit Obligation on December 31 Required: 1. Net benefit expense for 20x6 2. Net benefit expense for 20x7 3. The gain/(loss) attributable to the fair value plan assets for 20x8

The following information is given about a funded defined benefit plan of Royce Company. On January 1, 20x6, ROYCE Company initiated a pension plan for its employees. The company's actuary estimates that the present value of the retroactive benefits related to this pension plan amounts to P400,000. The remaining service life of the covered active employees is 10 years. Relevant data for 20x6 to 20x9 are as follows: Benefits paid to employees during 20x9 amounts to P100,000 20x6 20x7 20x8 20x9 Current service 68,000 100,000 200,000 210,000 cost Expected settlement rate 8% 10% 12% 5% Funding made on 150,000 165,000 146,000 300,000 December 31 Expected rate of return Actuarial return 10% 14% 10% 15,000 on plan assets Market value of 330,000 500,000 825,000 plan assets on December 31 Actuarial Defined 650,000 1,000,000 1,200,000 Benefit Obligation on December 31 Required: 1. Net benefit expense for 20x6 2. Net benefit expense for 20x7 3. The gain/(loss) attributable to the fair value plan assets for 20x8

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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