An entity provided the following items related to its defined benefit plan for 2019: January 1 December 31 Projected benefit obligation 3,355,000 Fair value of plan assets 2, 260,000 3,000,000 1,600,000 The current service cost for the year was P155,000, contributions to the fund amounted to P500,000 and the actual return and interest income on the plan asset was P160,000, No benefits were paid, There was a decrease in the projected benefit obligation during the year due to change in actuarial assumptions What is the benefit expense for 2019?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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An entity provided the following items related to its
defined benefit plan for 2019:
January 1
December 31
Projected
benefit obligation
3,000,000
3,355,000
Fair value of plan assets
2,260,000
1,600,000
The current service cost for the year was P155,000,
contributions to the fund amounted to P500,000 and
the actual return and interest income on the plan
asset was P160,000, No benefits were paid, There was
a decrease in the projected benefit obligation during
the year due to change in actuarial assumptions
What is the benefit expense for 2019?
Transcribed Image Text:An entity provided the following items related to its defined benefit plan for 2019: January 1 December 31 Projected benefit obligation 3,000,000 3,355,000 Fair value of plan assets 2,260,000 1,600,000 The current service cost for the year was P155,000, contributions to the fund amounted to P500,000 and the actual return and interest income on the plan asset was P160,000, No benefits were paid, There was a decrease in the projected benefit obligation during the year due to change in actuarial assumptions What is the benefit expense for 2019?
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