What is the net amount of remeasurements for the year 2018?50,00075,000100,000170,000What is balance of the prepaid or accrued pension as of December 31, 2018?155,000 prepaid155,000 accrued325,000 prepaid325,000 accruedWhat is the present value of benefit obligation as of December 31, 2018?3725000382500039750004825000 The following information is made available involving the defined benefit pension plan ofPrincess Company for the year 2018:Fair value of plan assets, 1/1/17 P3,500,000Present value of benefit obligation 1/1/17 3,750,000Current service cost 700,000Actuarial return on plan asset 420,000Contribution to the plan 600,000Benefits paid to retirees 750,000.Decrease in the present value of benefit obligation due to change in actuarial assumptions100,000Present value of defined benefit obligation settled 250,000Settlement price of defined benefit obligation 200,000Discount rate 10%

Pension is defined as the fund collected from the taxpayer or employee during his term of…

Answered: The following information is made…

The following information is made available involving the defined benefit pension plan of Princess Company for the year 2018:

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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Question

What is the net amount of remeasurements for the year 2018?

50,000

75,000

100,000

170,000

What is balance of the prepaid or accrued pension as of December 31, 2018?

155,000 prepaid

155,000 accrued

325,000 prepaid

325,000 accrued

What is the present value of benefit obligation as of December 31, 2018?

3725000

3825000

3975000

4825000

The following information is made available involving the defined benefit pension plan of
Princess Company for the year 2018:
Fair value of plan assets, 1/1/17 P3,500,000
Present value of benefit obligation 1/1/17 3,750,000
Current service cost 700,000
Actuarial return on plan asset 420,000
Contribution to the plan 600,000
Benefits paid to retirees 750,000.
Decrease in the present value of benefit obligation due to change in actuarial assumptions
100,000
Present value of defined benefit obligation settled 250,000
Settlement price of defined benefit obligation 200,000
Discount rate 10%

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Step 3: Determine the balance of the prepaid or accrued pension as of December 31, 2018:

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Step 4: Determine the present value of benefit obligation as of December 31, 2018:

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