The following information relates to Irasly Inc. at December 31, 2019: Fair value of plan assets 1,520,000 1,440,000 Market related asset value Present value of defined benefit obligation 1,960,000 Projected benefit obligation Past service cost (recognized in full during the period) Prepaid/accrued pension cost 2,040,000 24,000 The net defined benefit liability at December 31, 2019, for Irasly Inc. is а. 0 b. 440,000 c. 480,000 d. 520,000
The following information relates to Irasly Inc. at December 31, 2019: Fair value of plan assets 1,520,000 1,440,000 Market related asset value Present value of defined benefit obligation 1,960,000 Projected benefit obligation Past service cost (recognized in full during the period) Prepaid/accrued pension cost 2,040,000 24,000 The net defined benefit liability at December 31, 2019, for Irasly Inc. is а. 0 b. 440,000 c. 480,000 d. 520,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please put all of the necessary information and computations for better understanding. Thank you.
Transcribed Image Text:19. The following information relates to Irasly Inc. at December 31, 2019:
Fair value of plan assets
1,520,000
Market related asset value
1,440,000
Present value of defined benefit obligation
Projected benefit obligation
Past service cost (recognized in full during the period)
Prepaid/accrued pension cost
1,960,000
2,040,000
24,000
The net defined benefit liability at December 31, 2019, for Irasly Inc. is
а. О
b. 440,000
c. 480,000
d. 520,000
20. On January 1, 2019, Cubs Corporation adopted a defined benefit pension plan. The plan's
service cost of P150,000 was fully funded at the end of 2019. Past service cost was funded by a
contribution of P60,000 in 2019. Past service cost was P24,000 for 2019. What is he amount of
Cub's prepaid pension cost at December 31, 2019?
36,000
b. 60,000
c. 84,000
d. 90,000
a.
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