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The following information relates to the defined benefit pension plan for the Nicola Company for the year ending December 31, 2020. Defined benefit obligation, January 1 P4,600,000 Defined benefit obligation, Dec. 31 4,729,000 Fair value of plan assets, January 1 5,035,000 Fair value of plan assets, Dec. 31 5,565,000 Expected return on plan assets 450,000 Employer contributions 425,000 390,000 Benefits paid to retirees 10% Settlement rate Service cost for the year would be O P129.000 O P59,000 O P390.000 O P94,000

The following information relates to the defined benefit pension plan for the Nicola Company for the year ending December 31, 2020. Defined benefit obligation, January 1 P4,600,000 Defined benefit obligation, Dec. 31 4,729,000 Fair value of plan assets, January 1 5,035,000 Fair value of plan assets, Dec. 31 5,565,000 Expected return on plan assets 450,000 Employer contributions 425,000 390,000 Benefits paid to retirees 10% Settlement rate Service cost for the year would be O P129.000 O P59,000 O P390.000 O P94,000

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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The following information relates to the defined benefit pension plan for the Nicola Company for the year ending December 31, 2020. Defined benefit obligation, January 1 P4,600,000 Defined benefit obligation, Dec. 31 4,729,000 Fair value of plan assets, January 1 5,035,000 Fair value of plan assets, Dec. 31 5,565,000 Expected return on plan assets 450,000 Employer contributions 425,000 Benefits paid to retirees 390,000 10% Settlement rate Service cost for the year would be O P129.000 O P59,000 O P390,000 O P94,000
Transcribed Image Text:The following information relates to the defined benefit pension plan for the Nicola Company for the year ending December 31, 2020. Defined benefit obligation, January 1 P4,600,000 Defined benefit obligation, Dec. 31 4,729,000 Fair value of plan assets, January 1 5,035,000 Fair value of plan assets, Dec. 31 5,565,000 Expected return on plan assets 450,000 Employer contributions 425,000 Benefits paid to retirees 390,000 10% Settlement rate Service cost for the year would be O P129.000 O P59,000 O P390,000 O P94,000
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