INTERM.ACCT.:REPORTING...-CENGAGENOWV2
3rd Edition
ISBN: 9781337909358
Author: WAHLEN
Publisher: CENGAGE L
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Chapter 19, Problem 6P
To determine
Prepare a schedule to compute the net gain or loss included in the pension expense of Company K for 2019, 2020 and 2021, and indicate whether the gain or loss is added to or subtracted from the pension expense.
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In its defined contribution plan, Force Company reported a P100,000 balance on its Prepaid Benefit Cost on January 1, 2020. It contributed a total of P1,420,000 during the year. There was a P120,000 balance on the Accrued Benefit Cost as of yearend 2020.
How much is the 2020 Employee Benefit Expense?
The following data pertains to Integrity Company that adopts a defined benefit plan for its employees:
⚫ Defined benefit obligation, January 1, 2021 - P4,800,000
• Plan assets at fair value, January 1, 2021 - P6,250,000
For the year 2021:
⚫ Current service cost - P560,000
• Contributions made to the fund - P750,000
• Benefits paid to employees - P1,350,000
• Discount rate - 10%
• Defined benefit obligation after remeasurement on December 31, 2021 P4,550,000
• Actuarial loss on plan assets - P31,000
How much is the Defined Benefit Liability/Asset at December 31, 2021?
Choices:
1,206,000 Liability
1,206,000 Assets
1,694,000 Liability
1,694,000 Asset
Show your computation
Some years ago, Junior Ltd established a defined benefit pension plan for its employees. The company has since introduced a defined contribution plan, which all new staff join when commencing employment with Junior Ltd. Although the defined benefit plan is now closed to new recruits, the fund continues to provide for employees who have been with the company for a long time. The following actuarial report has been received for the defined benefit plan:
Requirements:a) Determine the surplus or deficit of Junior Ltd.’s defined benefit plan at 31 December 2018.b) Determine the net defined benefit asset or liability that should be recognised by Maple Ltd at 31 December 2018.c) Calculate the net interest and the return on plan assets for 2018.
Chapter 19 Solutions
INTERM.ACCT.:REPORTING...-CENGAGENOWV2
Ch. 19 - Prob. 1GICh. 19 - Prob. 2GICh. 19 - Prob. 3GICh. 19 - Prob. 4GICh. 19 - Prob. 5GICh. 19 - Prob. 6GICh. 19 - Prob. 7GICh. 19 - Prob. 8GICh. 19 - Prob. 9GICh. 19 - Prob. 10GI
Ch. 19 - Prob. 11GICh. 19 - Prob. 12GICh. 19 - Prob. 13GICh. 19 - Prob. 14GICh. 19 - Prob. 15GICh. 19 - Prob. 16GICh. 19 - Prob. 17GICh. 19 - Prob. 18GICh. 19 - Prob. 19GICh. 19 - Prob. 20GICh. 19 - Prob. 21GICh. 19 - Prob. 22GICh. 19 - Prob. 23GICh. 19 - The actuarial present value of all the benefits...Ch. 19 - Prob. 2MCCh. 19 - Prob. 3MCCh. 19 - Prob. 4MCCh. 19 - Prob. 5MCCh. 19 - Prob. 6MCCh. 19 - Which of the following is not a component of...Ch. 19 - Prob. 8MCCh. 19 - Prob. 9MCCh. 19 - Prob. 10MCCh. 19 - Prob. 1RECh. 19 - Prob. 2RECh. 19 - Pinecone Company has plan assets of 500,000 at the...Ch. 19 - Prob. 4RECh. 19 - Prob. 5RECh. 19 - Prob. 6RECh. 19 - Prob. 7RECh. 19 - Prob. 8RECh. 19 - Given the following information for Tyler Companys...Ch. 19 - At the beginning of Year 1, Cactus Company has...Ch. 19 - Prob. 11RECh. 19 - Prob. 1ECh. 19 - Prob. 2ECh. 19 - Prob. 3ECh. 19 - Prob. 4ECh. 19 - Prob. 5ECh. 19 - Prob. 6ECh. 19 - Prob. 7ECh. 19 - Prob. 8ECh. 19 - Prob. 9ECh. 19 - Prob. 10ECh. 19 - Prob. 11ECh. 19 - Prob. 12ECh. 19 - Prob. 13ECh. 19 - Refer to the information provided in E19-13....Ch. 19 - Prob. 15ECh. 19 - Prob. 16ECh. 19 - Prob. 1PCh. 19 - Prob. 2PCh. 19 - Prob. 3PCh. 19 - Prob. 4PCh. 19 - Prob. 5PCh. 19 - Prob. 6PCh. 19 - Prob. 7PCh. 19 - Prob. 8PCh. 19 - Prob. 9PCh. 19 - Prob. 10PCh. 19 - Prob. 11PCh. 19 - Prob. 12PCh. 19 - Prob. 1CCh. 19 - Prob. 2CCh. 19 - Prob. 3CCh. 19 - Prob. 4CCh. 19 - Prob. 5CCh. 19 - Prob. 6CCh. 19 - Prob. 7CCh. 19 - Prob. 9C
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