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?
Q: E. Charlton Company provided the following information concerning a defined benefit plan at the…
A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…
Q: The memorandum records of Galindez Trading at January 1, 2021 show the following data: Define…
A: Given, Defined Benefit Obligation = 2,600,000
Q: The memorandum records of Galindez Trading at January 1, 2021 show the following data: Define…
A: Retirement benefit-cost taken to other comprehensive income for the year 2021 = Change in Return on…
Q: E. Charlton Company provided the following information concerning a defined benefit plan at the…
A: Interest cost = Beginning Projected benefit obligation x discount rate = 5500000*6% = 330,000
Q: You have been provided with the following information related to the year 2020. The company is a…
A: Since you have posted a question with many sub-parts, we will solve three sub-parts for you. To get…
Q: At the beginning of the current year, the memorandum records of Anne Company’s defined benefit plan…
A: Interest cost = Beginning Defined benefit obligation x Interest rate = 11,000,000 x 10% = 1,100,000
Q: As of December 31, 2020, the projected benefit obligation and plan assets of a noncontributory…
A: Funded status = Plan assets at fair value - Projected benefit obligation
Q: On December 31, 2020, ABC Company had the following balances in its memorandum records related to…
A: Interest costs = Benefit Obligation, December 31, 2020, x discount rate = P12,000,000 x 12% =…
Q: On January 1, 2020, McGee Co. had the following balances: Projected benefit obligation…
A: Answer - Part 1 - Calculation of the projected benefit obligation at December 31, 2020…
Q: E. Charlton Company provided the following information concerning a defined benefit plan at the…
A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…
Q: Charlton Company provided the following information concerning a defined benefit plan at the…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: On January 1, 2021 COMET Company provided the following data in connection with the defined benefit…
A: Interest costs = Projected benefit obligation x Discount rate = ₱7,600,000 x 10% = ₱760,000 Expected…
Q: The following information pertains to Rose Corporation's defined benefit plan for the year 2019:…
A: Defined Benefit Plan:-This is the benefit enjoyed by the employees how much benefit they will…
Q: At the beginning of the current year, the memorandum records of Anne Company's defined benefit plan…
A: Actual return on plan assets = Beginning Fair value of plan assets x actual return rate =…
Q: The memorandum records of Galindez Trading at January 1, 2021 show the following data: Define…
A: Change in return on plan assets=Actual return on plan assets-Fair value of plan assets×Discount…
Q: An entity provided the following items related to its defined benefit plan for 2019: January 1…
A: Interest rate = Interest income / Fair value of plan assets at beginning = 160000/1600000 = 10%
Q: he following date relate to the defined benefit plan of ABC Company for the year ended December 31,…
A: Fair Value of plan asset, January 2, 2020- P14,000,000 Contribution during the year- P1,050,000…
Q: The following information relates to Irasly Inc. at December 31, 2019: Fair value of plan assets…
A: As posted multiple independent questions we are answering only first question kindly repost the…
Q: On January 1, 2020, FB Company had the following data in connection with its defined benefit plan:…
A: Interest = Beginning Defined benefit obligation x Discount rate = P7,500,000 x 10% = P750,000
Q: it obligation 5,500,000 Unrecognized actuarial gain 850,000 The transactions for the cu
A: Interest cost = Beginning Projected benefit obligation x discount rate = 5500000*6% = 330,000
Q: yuletide corporation reported the following data on january 1, 2021: projected benefit obligation…
A: Defined benefit cost for the current year = Current service costs + Interest costs - Actual interest…
Q: Strangers & Co. has gathered the following information for its defined benefit plan in 2020: ·…
A: Increase in Projected Benefit Obligation = Projected Benefit Obligation, 12/31/2020 - Projected…
Q: How much is the net defined benefit liability/asset that will be shown on December 31, 2021…
A: Net defined benefit liability/(asset)= Defined Benefit Obligation- Plan Assets
Q: Use the following information for the next five (5) questions: The memorandum records of Galindez…
A: NOTE : As per BARTLEBY guidelines, when multiple questions are given then first question is to be…
Q: Kulver's Inc. sponsored a defined benefit plan in 2020. Plan assets had a January 1, 2020, balance…
A: A journal entry is the process of recording or maintaining track of any financial or non-financial…
Q: How much is the employee benefit expense taken to profit or loss during 2021?
A: Employee benefit expenses will include : 1. Current service cost 2. Past service cost 3. Net…
Q: ABC Company's memorandum records for its defined benefit plan show the following balances at…
A: Expense- Expenses refers to the cost incurred in producing and selling the goods and services. All…
Q: At the beginning of the current year, the memorandum records of Anne Company's defined benefit plan…
A: Defined benefit plans are those plans which are made by the empployer for providing benefits or to…
Q: E. Charlton Company provided the following information concerning a defined benefit plan at the…
A: Interest cost = Beginning Projected benefit obligation x discount rate = 5500000*6% = 330,000
Q: E. Charlton Company provided the following information concerning a defined benefit plan at the…
A: Fair value of plan assets at year-end = Fair value of plan assets at beginning + contribution to the…
Q: E. Charlton Company provided the following information concerning a defined benefit plan at the…
A: Interest cost = Beginning Projected benefit obligation x discount rate = 5500000*6% = 330,000
Q: On December 31, 2020, ABC Company had the following balances in its memorandum records related to…
A: Interest costs = Benefit Obligation, December 31, 2020, x discount rate = P12,000,000 x 12% =…
Q: On December 31, 2020, GHI Company had the following balances in its memorandum records related to…
A: Interest costs = Benefit Obligation, December 31, 2020, x discount rate = P12,000,000 x 12% =…
Q: 16 The memorandum records of Galindez Trading at January 1, 2021 show the following data: Define…
A: Calculation of Net prepaid/ accrued defined benefit cost: Particulars Amount Defined Benefit…
Q: At the beginning of current year, an entity provided the following information in connection with a…
A: Interest cost = Beginning Projected benefit obligation x discount rate = 13000000*10% = 1,300,000
Q: Information about the defined benefit plan of the company are shown below: Fair value on plan…
A: Settelment cost (4800000*10%) = Defined benefit obligation, January 1, 2021 x discount rate =…
Q: Information on Balinquit Company’s defined benefit plan is shown below: Fair value of plan asset,…
A: PLAN assets are assets or investments held by a long-term employee benefit fund for the purpose of…
Q: Hawkins Corporation has the following balances at December 31, 2020. Projected benefit obligation…
A:
Q: You gathered the following information related to Ashley Company's the defined benefit plan for the…
A: step 1: calculation of beginning funded status =beginning plan assets – beginning PBO…
Q: The memorandum records of ABC Company at January 1,2020 show the following: Defined Benefit…
A: Defined Benefit Plan:- This is the plan provided to employees by companies for their benefit at…
Q: You gathered the following information related to Ashley Company’s the defined benefit plan for the…
A: Defined benefit cost for the year = (Ending Present value of obligation + Benefits paid - Beginning…
Q: Bounty Company revealed the following information for the current year: Fair Value of plan assets -…
A: Actual return = expected return + actuarial gain
Q: On January 1, 2021, Dynamax Company had the following balances in its memorandum records: Fair value…
A: SOLUTION- COMPREHENSIVE INCOME INCLUDES REGULAR INCOME AND OTHER COMPREHENSIVE INCOME , WHICH…
Q: Fair value of plan assets 37,000,000 Defined benefit plan 33,000,000 Asset ceiling 2,500,000 What…
A: Prepaid/accrued benefit cost is the cost which to claim a recurring benefit to be allowed before the…
Q: Information on an entity's defined benefit plan are shown below Return on plan asset 240,000 Fair…
A: Given The fair value of plan asset 01 Jan 2020 20,00,000
Q: he following data: Define Benefit Obligation 2,600,000 Fair value of plan asset 3,000,000 Service…
A: STATEMENT SHOWING CALCULATION OF BENEFIT OBLIGATION AS ON DEC 31, 2021 PARTICULARS AMOUNT PBO…
Q: Presented below is pension information related to Tyre Recycling Inc., for the calendar year 2019.…
A: Pension expense is cost for an employer to maintain employee pension plan. It is the amount of…
Q: The memorandum records of Galindez Trading at January 1, 2021 show the following data: Define…
A: Plan Asset at December 31, 2021 = Beginning Fair value of plan assets + Actual return on plan assets…
Q: A Company provided the following pension plan information: Projected benefit obligation – January…
A: The fair value of the funds invested to pay pension obligations is said to be the fair value of plan…
Step by step
Solved in 2 steps
- 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 amount was recognized as actuarial gain on PBO during the year?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. 500,000The 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
- 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 reportedInformation about the defined benefit plan of the company is shown belowFair value on plan asset, January 1, 2021 3,000,000Contribution to the fund 1,500,000Return on plan assets 160,000Defined benefit liability. December 31, 2021 410,000Defined benefit obligation, December 31, 2021 4,550,000What is the balance of the fair value on plan asset as of December 31, 2021?Information on an entity's defined benefit plan are shown below Return on plan asset 240,000 Fair value of plan asset, Jan 1, 2020 2,000,000 Benefits paid to retirees 600,000 Settlement gain on early retirement 100,000 Contributions to the fund 900,000 What is the balance of the Fair value of plan asset on December 31, 2020?
- ABC Company's memorandum records for its defined benefit plan show the following balances at December 31, 2019 Fair value of plan assets – P8,000,000 Benefit obligation – P9,000,000 The following have been gathered for the year 2020: Service cost for 2020 P1,000,000 10% Discount rate Actual return on plan assets Benefits paid Contributions made 640,000 600,000 2,000,000 800,000 Past service cost The benefit obligation as measured by the actuary at December 31, 2020 has a present value of P11,050,000. Required: Compute for the following: 1. Retirement benefit expense to be presented in the 2019 profit or loss. 2. Defined benefit liability as of December 31, 2019An entity provided the following information for the current year: Current service cost 500,000 Past service cost during the year 300,000 Interest on PBO 600,000 Interest income on plan assets 350,000 Loss on plan settlement before normal retirement date 250,000 Present value of benefit obligation settled in advance 950,000 Actual return on plan assets 850,000 Actuarial loss on PBO during the year 200,000 Contribution to the plan 1,500,000 Benefits paid to retirees 1,000,000 Discount or settlement rate 10% What is the employee benefit expense for the current year?The following information relates to Oriole, Incorporated: Plan assets (at fair value) Pension expense Projected benefit obligation Annual contribution to plan Accumulated OCI (PSC) For the Year Ended December 31, ○ $0. O $540000. O $2460000. O $174000. 2025 $1608000 765000 1980000 810000 630000 2026 $2286000 594000 2460000 594000 540000 The amount reported as the liability for pensions on the December 31, 2026 balance sheet is
- You gathered the following information related to Ashley Company's the defined benefit plan for the current year ended December 31: • Fair value of plan assets: P2,100 million at January 1, and P2,300 million at December 31 • Present value of obligation to provide benefits: P2,200 million at January 1, and P2,600 million at December 31 • Contributions paid to the fund: P80 million • Benefits paid to retired employees: P50 million The defined benefit cost for the year is O P200 million O P120 million P280 million O P250 millionCharlton Company provided the following information concerning a defined benefit plan at the beginning ofcurrent year prior to the adoption of revised PAS 19:Debit CreditFair value of plan assets 4,750,000Unamortized past service cost 1,250,000Projected benefit obligation 5,500,000Unrecognized actuarial gain 850,000The transactions for the current year relating to the defined benefit plan are as follows:Current service cost 925,000Discount rate 6%Actual return on plan assets 485,000Contribution to the plan 1,350,000Benefits paid to retirees 995,000Increase in projected benefit obligation due to changes in actuarial assumptions 150,000Effective in the current year, the entity has applied the provisions of revised PAS 19 in relation to the definedbenefit plan. 18. Prepare journal entry to record the employee benefit expense.19. Compute for the Fair Value Plan Asset (FVPA) as of December 31.20. Compute for the projected benefit obligation on December 31.You gathered the following information related to Ashley Company’s the defined benefit plan for the current year ended December 31: Fair value of plan assets: P2,100 million at January 1, and P2,300 million at December 31 Present value of obligation to provide benefits: P2,200 million at January 1, and P2,600 million at December 31 Contributions paid to the fund: P80 million Benefits paid to retired employees: P50 million The defined benefit cost for the year is A P250 million B P280 million C P200 million D P120 million