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

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