The following information on a defined benefit plan is provided: FVPA, beg 2,800,000 PVDBO, beg 2,200,000 Current Service Cost 960,000 Past service cost (vesting for 5 years) 600,000 Benefits Paid 420,000 Return on Plan Assets 600,000 Contributions to the Plan 1,820,000 Increase due to Actuarial Assumptions 240,000 Expected Rate of Return 12% Discount Rate 10% The present value of economic benefits available in the form of refunds from the plan are 400,000 and 800,000, at the beginning and ending of the period.
The following information on a defined benefit plan is provided: FVPA, beg 2,800,000 PVDBO, beg 2,200,000 Current Service Cost 960,000 Past service cost (vesting for 5 years) 600,000 Benefits Paid 420,000 Return on Plan Assets 600,000 Contributions to the Plan 1,820,000 Increase due to Actuarial Assumptions 240,000 Expected Rate of Return 12% Discount Rate 10% The present value of economic benefits available in the form of refunds from the plan are 400,000 and 800,000, at the beginning and ending of the period.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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(2, 7) Helping tags: Accounting, Intermediate Accounting
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WILL UPVOTE, just pls help me answer the question and show complete solutions. Thank you!
1. The information on the defined benefit plan is provided in the picture.
a) How much is the remeasurement on asset ceiling to be reported in OCI?
b) What is the interest on asset ceiling?
Transcribed Image Text:The following information on a defined benefit plan is provided;
FVPA, beg
2,800,000
PVDBO, beg
2,200,000
Current Service Cost
960,000
Past service cost (vesting for 5 years)
600,000
Benefits Paid
420,000
Return on Plan Assets
600,000
Contributions to the Plan
1,820,000
Increase due to Actuarial Assumptions
240,000
Expected Rate of Return
12%
Discount Rate
10%
The present value of economic benefits available in the form of refunds from the plan are
400,000 and 800,000, at the beginning and ending of the period.
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