Kindly answer with complete solutions and in good accounting form. Problem 2:The following selected post-retirement benefit accounts were lifted from the 2021 unadjusted trialbalance of ENN Corporation. No adjusting entry had been made yet at year end in relation the post-retirement benefits related accounts.Accrued Pension Expense, January 1, 2021Pension expense for 2021, amount contributed to the planP624,800450,000Additional information:The memorandum account balances and other off-books transactions are as follows:Plan asset at fair market value, January 1, 2021Accumulated benefit obligation at present value, January 1, 2021Payments to retirees at scheduled retirement in 2021P 2,650,800P 3,275,600P 560,000P 480,000Current service costSettlement rate12%Actuarial loss on plan assetActuarial loss on accumulated benefit obligationP 120,000P 80,000There had been no remeasurement (actuarial) gain or loss from plan asset and accumulatedretirement obligation in the prior years. The asset ceiling at the beginning and at the end of the yearwas at P250,000 and P350,000, respectively.Required:8. How much is the plan asset at fair market value, December 31, 2021?9. How much is the accumulated benefit obligation, December 31, 2021?10. What is the prepaid(accrued) pension expense as of December 31, 2021?

Employee compensation is the overall monetary and non-monetary rewards an employer provides…

There had been no remeasurement (actuarial) gain or loss from plan asset and accumulated retirement obligation in the prior years. The asset ceiling at the beginning and at the end of the year was at $250,000 and $350,000, respectively. Required: 8. How much is the plan asset at fair market value, December 31, 2021? 9. How much is the accumulated benefit obligation, December 31, 2021? 10. What is the prepaid(accrued) pension expense as of December 31, 2021?

There had been no remeasurement (actuarial) gain or loss from plan asset and accumulated retirement obligation in the prior years. The asset ceiling at the beginning and at the end of the year was at $250,000 and $350,000, respectively. Required: 8. How much is the plan asset at fair market value, December 31, 2021? 9. How much is the accumulated benefit obligation, December 31, 2021? 10. What is the prepaid(accrued) pension expense as of December 31, 2021?

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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