The following information on a defined benefit plan is provided: FVPA, beg beg 2,200,000 Current Service Cost 2,800,000 PVDBO, 960,000 Past service cost (vesting for 5 600,000 years) 600,000 Benefits Paid 420,000 Return on Plan Assets 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. What amount of defined benefit cost is presented in OCI?

The following information on a defined benefit plan is provided: FVPA, beg beg 2,200,000 Current Service Cost 2,800,000 PVDBO, 960,000 Past service cost (vesting for 5 600,000 years) 600,000 Benefits Paid 420,000 Return on Plan Assets 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. What amount of defined benefit cost is presented in OCI?

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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The following information on a defined benefit plan is provided: FVPA, beg 2,800,000 PVOB0, 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 Returm 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. What amount of de fined benefit cost is presented in OCI?
Information on Entity A’s defined benefit plan is as follows: PV of DBO – Jan. 1, 20x1 2,000,000 FVPA – Jan.1, 20x1 1,800,000 PV of DBO – Dec. 31, 20x1 2,900,000 FVPA, end. – Dec. 31, 20x1 2,600,000 Current service cost 400,000 Actuarial loss 200,000 Return on plan assets 120,000 Discount rate 10% How much is the component of the20x1 defined benefit cost to be recognized in profit or loss? 420,000 560,000 680,000 400,000
Jeff Irvin Company provided the following information for the current year: Current service cost 500,000 Interest on PBO 600,000 Interest income on plan asset 350,000 Loss on settlement 250,000 Past service cost during the year 300,000 Actual return on plan asset 850,000 Actuarial loss during the year 200,000 Contribution to the plan 1,500,000 What is the total defined benefit cost? O 1,700,000 O 800,000 O 1,000,000 O 1,500,000
#14Stefan company provided the following information in relation to a defined benefit plan for thecurrent year:January 1 December 31Fair value of plan assets 1,300,000 1,500,000Projected benefit obligation 1,000,000 1,050,000Prepaid/accrued benefit cost-surplus 300,000 450,000Asset ceiling 100,000 150,000Effect of asset ceiling 200,000 300,000Current service cost 50,000Contribution to the plan 175,000Benefits paid 75,000Discount rate 10%What is the net remeasurement loss for the current year? 85,000 pls provide solution for this answer
William and Raj Company provided the following information for the year:Projected benefit obligation - January 1 P 700,000Fair value of plan assets - January 1 560,000Pension benefits paid during the year 50,000Current service cost for the year 350,000Past service cost for the year (vesting period 5 years) 85,000Actual return on plan assets 36,000Contributions to the plan 300,000Actuarial loss due to change in assumptions on projected benefit obligation 40,000Discount or settlement rate 10%Expected return on plan assets 12%1. What is the employee benefit expense for the current year?2. How much is the actuarial gain/loss on return on plan assets?3. What is the prepaid/accrued balance of the pension at yearend?4. How much is the defined benefit cost?5. If the pension benefits paid during the year is worth P50,000 but the company was able to pay only P45,000, what would be the employee benefitexpense for the current year assuming the above given is the same?
Carla Vista Corporation has the following information available concerning its postretirement benefit plan for 2025. Service cost Interest cost Actual and expected return on plan assets Postretirement expense 2025 LA $36,500 Compute Carla Vista's 2025 postretirement expense. $ 43,900 25.800
Information regarding define benefit plan as of December 31, 2003 15/35 follows: Fair value of pian assets, January 1 P480, 000 Fair value of plan assets, December 31 PV of define benefit obligation P 1, 128, 000 P720, 000 P800, 000 Contribution made to the fund, July 1 Benefits paid to retirees, September 30 P200, 000 6% 7) How much is the interest income on the plant asset? Discount rate a. 56, 400 b. 24, 000 C. 41, 500 d. 46, 000 8) How much is the remeasurement to the net defined liability(asset) to be recognized in other comprehensive income? a. 5, 000 gain b. 5, 000 loss C. 6,500gain d. 0
II IIUTIOLIUITFIUVIUEU Dy reision FIGII ACLUGI y. a. Projected benefit obligation as of December 31, 2020 = $3,200. b. Prior service cost from plan amendment on January 2, 2021 = $600 (straight-line amortization for 10-year average remaining service period). c. Service cost for 2021 = $640. d. Service cost for 2022 = $690. e. Discount rate used by actuary on projected benefit obligation for 2021 and 2022 = 10%. Payments g. Payments to retirees in 2022 = $570. h. No changes in actuarial assumptions or estimates. i. Net gain-AOCI on January 1, 2021 = $370. j. Net gains and losses are amortized for 10 years in 2021 and 2022. to retirees in 2021 = $500. Information Provided by Pension Fund Trustee: a. Plan asset balance at fair value on January 1, 2021 = $2,300. b. 2021 contributions = $660. c. 2022 contributions = $710. d. Expected long-term rate of return on plan assets = 12%. e. 2021 actual return on plan assets = $210. f. 2022 actual return on plan assets = $260. Required: 1. Calculate…
Crane Company provides the following information about its defined benefit pen plan for the year 2025. (a) Prepare a pension worksheet inserting January 1, 2025, balances, showing December 31. 2025. (Enter all amounts as positive.)
Compute for the benefit ratio of the following projects. Project cost Gross income Operating cost Life of project Interest rate O a. 1.20 O b. 1.70 O c. 1.07 O d. 1.02 5,000,000 2,000,000 1,000,000 20 years 10%
Fair value of plan assets 4,750,000Unamortized past service cost 1,250,000Projected benefit obligation 5,500,000Unrecognized actuarial gain 850,000The transactions for the current year relating to the defined benefit plan are as follows:Current service cost 925,000Discount rate 6%Actual return on plan assets 485,000Contribution to the plan 1,350,000Benefits paid to retirees 995,000Increase in projected benefit obligation due to changes in actuarial assumptions 150,000Effective in the current year, the entity has applied the provisions of revised PAS 19 in relation to the definedbenefit plan.REQUIRED:15. Prepare journal entry to recognize the transitional effect of adopting revised PAS 19.16. Determine the employee benefit expense for the current year.17. Compute the remeasurement related to the defined benefit plan.18. Prepare journal entry to record the employee benefit expense.19. Compute for the Fair Value Plan Asset (FVPA) as of December 31.20. Compute for the projected benefit…
The memorandum records ofGalindezTrading at January 1, 2021 show the following data: Define Benefit Obligation 2,600,000 Fair value of plan asset 3,000,000 The following information for 2021 is also provided: Service cost 800,000 Actual return on plan assets 300,000 Benefits paid 350,000 Contributions to the plan 780,000 Actuarial loss on remeasurement of defined benefit obligation 100,000 Discount rate 9% What are the balances of Benefit Obligation and Plan Asset at December 31, 2021? Group of answer choices 3,184,000 3,730,000 3,184,000 3,700,000 3,384,000 3,730,000 3,384,000 3,700,000