The memorandum records of Galindez Trading 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% How much is the retirement benefit cost that is taken to other comprehensive income for the year 2021? Group of answer choices 130,000 loss 70,000 gain 70,000 loss 130,000 gain
The memorandum records of Galindez Trading 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% How much is the retirement benefit cost that is taken to other comprehensive income for the year 2021? Group of answer choices 130,000 loss 70,000 gain 70,000 loss 130,000 gain
Financial Reporting, Financial Statement Analysis and Valuation
8th Edition
ISBN:9781285190907
Author:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw
Publisher:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw
Chapter9: Operating Activities
Section: Chapter Questions
Problem 13QE
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Question
The memorandum records of Galindez Trading 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% |
How much is the retirement benefit cost that is taken to other comprehensive income for the year 2021? | |
Group of answer choices | |
130,000 loss | |
70,000 gain | |
70,000 loss | |
130,000 gain |
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