The following relates to the define benefit obligation plan for Tokwa’t Baboy Inc. in 2016: Accrued benefit obligation, January 1 4,600,000 Accrued benefit obligation, December 31 4,929,000 FV of plan assets, January 1 5,035,000
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The following relates to the define benefit obligation plan for Tokwa’t Baboy Inc. in 2016:
Accrued benefit obligation, January 1 4,600,000
Accrued benefit obligation, December 31 4,929,000
FV of plan assets, January 1 5,035,000
FV of plan assets, December 31 5,565,000
Actuarial gain due to remeasurement of benefit obligation 32,500
Employer contributions 425,000
Benefits paid to retirees 390,000
Discount rate 10%
- The service cost for current year would be
A. P219,500 B. P226,500 C. P262,500 D. P291,500 - . The actual return on plan assets for the year is
A. P105,000 B. P495,000 C. P503,500 D. P512,000 - What is the retirement benefit expense reported in profit or loss for the year 2016?
A. P224,000 B. P242,000 C. P248,000 D. P284,000
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- d. The following information pertains to Lasting Inc.'s defined benefit plan. Description Projected benefit obligation Plan assets at fair value Accumulated OCI-Pension Gain/Loss Accumulated OCI-Prior Service Cost Accumulated benefit obligation On Lasting Inc's December 31 balance sheet, what amounts would the company report for assets, liabilities and stockholders' equity? Select one: Assets Liabilities Stockho $0 $13,000 Assets Liabilities $132,000 $145,000 Assets Liabilities Stock SO $13,000 Assets Liabilities $132,000 $145,000 Assets Liabilities Stockh $132,000 $128,000 Equity $70,000 $145,000 Cr. 132,000 DT. 18,000 Dr. 88,000 Cr. 128,000 Cr. $70,000 s Equity $0 TULEV SO $70,000The following date relate to the defined benefit plan of Bronson Company for the year ended December 31, 2018: Present value of benefit obligation January 1, 2018 15,000,000 Current service cost 800,000 Benefits paid during the year 1,500,000 Discount rate 6% Present value of benefit obligation, December 31, 2018 17,410,000 Ignore income tax, what amount of remeasurement gain or loss that should be included in the other comprehensive income?At December 31, 2023, Crane Corporation provided you with the following information: Defined benefit obligation, December 31, 2023 $3,420,000 Plan assets at fair value, December 31, 2023 2,435,000 Past service cost from plan amendment on December 31, 2023 1,005,500 Determine the account and its balance that should be reported on Crane's December 31, 2023 balance sheet if it applies ASPE. Net defined benefit $ How should the $1,005,500 be reported? The $1,005,500 eTextbook a should be reported on balance sheet should be reported separately on the statement of income or in the notes should not be reported
- Strangers & Co. has gathered the following information for its defined benefit plan in 2020:· Projected Benefit Obligation, 1/1/2020: P3,000,000· Projected Benefit Obligation, 12/31/2020: P3,355,000· Fair value of plan assets, 1/1/2020: P1,600,000· Fair value of plan assets, 12/31/2020: P2,260,000Current service cost for the year is P155,000, contributions to the fund totaled P500,000, and the actual return and interest income on the plan asset was P160,000. No benefits are paid during 2020. During the year, there was a decrease only in the projected benefit obligation due to revision of actuarial assumptions. How much should be recognized as Retirement/Employee Benefit Expense for 2020? a. 195,000 b. 295,000 c. 795,000 d. 500,000Information about the defined benefit plan of the company are shown below: Fair value on plan assets, January 1, 2021 6,000,000 PV of Defined benefit obligation, January 1, 2021 7,800,000 Actual return on plan asset 180,000 Benefits paid during the year 1,000,000 Contributions during the year 800,000 Current service cost 800,000 Discount rate 5% What is the balance of the defined benefit liability as of December 31, 2021?Information about the defined benefit plan of the company are shown below Defined benefit obligation, January 1, 2021 5,500,000 Current service cost 330,000 Actual return on plan asset 170,000 Fair value on plan asset, January 1, 2021 4,000,000 Discount rate 5% What is the balance of the defined benefit obligation as of December 31, 2021?
- Analyzing Changes in Plan Assets and PBO The following information pertains to a company's defined benefit plan for the year. Balance Fair value of plan assets, Jan. 1 Fair value of plan assets, Dec. 31 Projected benefit obligation, Jan. 1 Net pension asset (liability), Dec. 31 Activity for the Year Actual return on plan assets $300 Contributions to plan assets 450 Service cost 500 $ 400 Discount rate 8% Expected rate of return on plan assets 7% Required a. Calculate benefits paid to retirees during the year. Note: Do not use a negative sign with your answer. Other $ Check X b. Calculate any actuarial gain or loss on the PBO for the year. Note: Use a negative sign to indicate a loss. $5,000 Dr. 5,625 Dr. 5,000 Cr. 200 Cr. xHawkins Corporation has the following balances at December 31, 2017. Projected benefit obligation $2,600,000 Plan assets at fair value 2,000,000 Accumulated OCI (PSC) 1,100,000 How should these balances be reported on Hawkins’ balance sheet at December 31, 2017?The following data is available for Mustang Company's defined benefit plan for the year 2019: P 10,500,000 Benefit obligation, January 1 Fair value of plan assets, January 1 11,600,000 Current service cost 3,100,000 Discount rate Benefits paid to retirees Contribution to the plan Actual return on plan assets Decrease in benefit obligation due to remeasurements Past service cost Final settlement payments Present value of settled benefit obligation 12% 1,800,000 2,450,000 1,500,000 400,000 500,000 470,000 550,000 a. How much is the defined benefit cost to be recognized in profit or loss in 2019? b. How much is the defined benefit cost to be recognized in other the comprehensive income in 2019? c. What is the prepaid/accrued benefit cost at December 31, 2019?
- Analyzing Changes in Plan Assets and PBO The following information pertains to a company’s defined benefit plan. Balance Fair value of plan assets, Jan. 1, 2020 $2,000 Dr. Fair value of plan assets, Dec. 31, 2020 2,250 Dr. Projected benefit obligation, Jan. 1, 2020 2,000 Cr. Net pension asset (liability), Dec. 31, 2020 80 Cr. Activity 2020 Actual return on plan assets $120 Contributions to plan assets 180 Service cost 200 Other Discount rate 8% Expected rate of return on plan assets 7% Required a. Calculate benefits paid to retirees in 2020. Note: Do not use a negative sign with your answer.$Answer b. Calculate any actuarial gain or loss on the PBO in 2020.Note: Use a negative sign to indicate a loss. $AnswerInformation on Complicated Company's defined benefit plan is as follows: Fair value of plan assets, Jan. 1 - P480,000; Return on plan assets (Actual rate of return for the period) - 10%; Contributions to the retirement fund during the year - P800,000; Benefits paid to retirees - P200,000. How much is the balance of the fair value of plan assets as of year-end?The memorandum records ofGalindezTrading 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% What are the balances of Benefit Obligation and Plan Asset at December 31, 2021? Group of answer choices 3,184,000 3,730,000 3,184,000 3,700,000 3,384,000 3,730,000 3,384,000 3,700,000
