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The following information relates to Company K's pension plan: Plan asset, January 1, 2018 P 950,000 Defined benefit obligation, January 1, 2018 1,000,000 Average remaining working life of employees at January 1, 2018 10 years Service cost for 2018 90,000 Discount rate at January 1, 2018 10% Expected return on plan asset at January 1. 2018 100,000 Remeasurement loss arising in 2018 15,000 Past service cost 30,000 Vesting period for past service cost 3 years

The following information relates to Company K's pension plan: Plan asset, January 1, 2018 P 950,000 Defined benefit obligation, January 1, 2018 1,000,000 Average remaining working life of employees at January 1, 2018 10 years Service cost for 2018 90,000 Discount rate at January 1, 2018 10% Expected return on plan asset at January 1. 2018 100,000 Remeasurement loss arising in 2018 15,000 Past service cost 30,000 Vesting period for past service cost 3 years

FINANCIAL ACCOUNTING
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 amount of defined benefit cost should be recognized during 2018?

115,000

120,000

125,000

140,000

 

The following information relates to Company K's pension plan: Plan asset, January 1, 2018 P 950,000 Defined benefit obligation, January 1, 2018 1,000,000 Average remaining working life of employees at January 1, 2018 10 years Service cost for 2018 90,000 Discount rate at January 1, 2018 10% Expected return on plan asset at January 1. 2018 100,000 Remeasurement loss arising in 2018 15,000 Past service cost 30,000 Vesting period for past service cost 3 years
Transcribed Image Text:The following information relates to Company K's pension plan: Plan asset, January 1, 2018 P 950,000 Defined benefit obligation, January 1, 2018 1,000,000 Average remaining working life of employees at January 1, 2018 10 years Service cost for 2018 90,000 Discount rate at January 1, 2018 10% Expected return on plan asset at January 1. 2018 100,000 Remeasurement loss arising in 2018 15,000 Past service cost 30,000 Vesting period for past service cost 3 years
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