Calculate the amount that the entity would recognize in other comprehensive income for the year in accordance with the revised PAS 19
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A: 1) Compute the Projected benefit obligation (PBO) as of December 31.
A Co. sponsors a defined benefit pension plan. For the current year ended December 31, the following information relevant to the plan has been accumulated:
Defined benefit obligation, 1/1 |
P10,000,000 |
Fair value of plan assets, 1/1 |
9,000,000 |
Current service cost |
3,000,000 |
Gain on settlement |
500,000 |
Actual return on plan assets |
630,000 |
Increase in defined benefit obligation due to changes in actuarial assumptions |
800,000 |
Market yield on high quality corporate bonds |
6% |
Yield on bonds issued by the entity |
8% |
Expected return on plan assets |
9% |
Calculate the amount that the entity would recognize in other comprehensive income for the year in accordance with the revised PAS 19
A P890,000
B P800,000
C P790,000
D P710,000
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- 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 isRosaria Co. sponsors a defined benefit pension plan. For the current year ended December 31, thefollowing information relevant to the plan has been accumulated:Defined benefit obligation, 1/1 P11,250,000Fair value of plan assets, 1/1 10,500,000Current service cost 1,050,000Past service cost 2,200,000Actual return on plan assets 600,000Decrease in defined benefit obligation due tochanges in actuarial assumptions300,000Discount rate 8%Requirements:1. In the working papers computations, what balance of plan assets will be determined?2. In the working papers computations, what balance of benefit obligation will be determined?3. Calculate the amount that the entity would recognize in profit or loss for the year in accordancewith the revised PAS 19.4. Calculate the amount that the entity would recognize in other comprehensive income for theyear in accordance with the revised PAS 19.A company that sponsors a defined benefit plan records an entry to debit OCI-Pension Gain/Loss for $5,000 and credit Plan Assets. The company uses the corridor approach to amortize Accumulated OCI-Pension Gain/Loss. This entry indicates that Select one: O a. The expected return on plan assets exceeded actual return on plan assets. O b. The actual return on plan assets exceeded the expected return on plan assets. O c. The beginning balance in Accumulated OCI-Pension Gain/Loss exceeded the corridor. O d. The beginning balance in Accumulated OCI-Pension Gain/Loss did not exceed the corridor. e. a and c f. b and d OO
- Computing Pension Expense, Gain/Loss Amortization, PBO, and Plan Asset Balances The following data relate to a defined benefit pension plan for Hollistir Co. Fair value of plan assets, Jan. 1, 2020 $9,600 PBO Jan. 1, 2020, not including any items below 12,000 PSC from amendment dated Jan. 1, 2020, (10 years is the amortization period) 6,000 Gain from change in actuarial assumptions, computed as of Jan. 1, 2020 1,800 Actual return on plan assets, 2020 1,200 Contributions to plan assets in 2020 2,400 Benefits paid to retirees in 2020 3,000 Service cost for 2020 5,400 Discount rate 8% Expected rate of return on plan assets 10% Required a. Compute pension expense for 2020. Hollistir amortizes the full pension gain/loss over average service life of 15 years, using the straight-line method. Pension expense, 2020 b. Compute PBO at December 31, 2020. PBO, Dec. 31, 2020 c. Compute fair value of plan assets at December 31, 2020. Fair…rane importers provides the following pension plan Fair value of pension plan assets, January 1, 2025 Fair value of pension plan assets, December 31, 2025 Contributions to the plan in 2025 Benefits paid retirees in 2025 Tormation. Actual return on plan assets for 2025 $ $2,575,000 2,914,000 299,000 366,000 From the data above, compute the actual return on the plan assets for 2025.An entity provided the following information for the current year: Current service cost 500,000 Past service cost during the year 300,000 Interest on PBO 600,000 Interest income on plan assets 350,000 Loss on plan settlement before normal retirement date 250,000 Present value of benefit obligation settled in advance 950,000 Actual return on plan assets 850,000 Actuarial loss on PBO during the year 200,000 Contribution to the plan 1,500,000 Benefits paid to retirees 1,000,000 Discount or settlement rate 10% What is the employee benefit expense for the current year?
- An entity provided the following information for the current year: Current service cost 500,000 Past service cost during the year 300,000 Interest on PBO 600,000 Interest income on plan assets 350,000 Loss on plan settlement before normal retirement date 250,000 Present value of benefit obligation settled in advance 950,000 Actual return on plan assets 850,000 Actuarial loss on PB0 during the year 200,000 Contribution to the plan 1,500,000 Benefits paid to retirees 1,000,000 Discount or settlement rate 10% What is the net remeasurement of the defined benefit plan for the current year?The following data relate to Ramesh Company's defined benefit pension plan: ($ in millions) $640 64 51 108 11 15 80 Plan assets at fair value, January 1 Expected return on plan assets Actual return on plan assets Contributions to the pension fund (end of year) Amortization of net loss Pension benefits paid (end of year) Pension expense Required: Determine the amount of pension plan assets at fair value on December 31. (Enter your answers in millions. Amounts to be deducted should be indicated with a minus sign.) Pension Plan Assets Beginning of the year End of the yearThe following information is related to the defined benefit pension plan of Havana for the year: Service cost Contributions to pension plan Benefits paid to retirees Plan assets (fair value), January 1 Plan assets (fair value), December 31 Actual return on plan assets PBO, January 1 PBO, December 31 Discount rate Long-term expected return on plan assets $ 65,000 117,000 156,000 643,000 760,000 156,000 915,000 915,500 3:09 10% 9% Assuming no other relevant data exist, what is the pension expense for the year? Multiple Choice $96,630. $156,500. 2 of 16 Next > < Prev Mc Graw Hill MacBook Air
- Sharp Inc. had the following balances related to their Pension trust fund as of January 1, 2022 Plan Assets Projected Benefit Obligation. Pension Liability.. Accumulated Other Comprehensive Income - Prior Service Cost. Accumulated Other Comprehensive Income - Pension Gains/Losses. 235,000 dr 243,600 cr 8,600 cr -0- 5,820 cr Sharp Inc.'s pension plan required the following adjustments for the year 2022. 55,000 43,000 7% Plan Amendment for Prior Service Cost Annual Service Cost. Settlement Rate Actual Return on Plan Assets. Expected Return on Plan Assets. Funding Contributions, Benefits Paid.. Amortization of Prior Service Cost (straight line). 17.400 25,000 L36,000 35,250 5,000 You may use a blank pension worksheet provided to help answer the following question. Sharp Inc. will report Pension Expense for the year 2022 of what amount? O a $39,052 Ob $43,902 Oc S62,560 O d. $59,102 O e $93,902The following information relates to the pension plan for the employees of Cullumber Co.: Accum. benefit obligation Projected benefit obligation Fair value of plan assets AOCI - net (gain) or loss Settlement rate (for year) Expected rate of return (for year) O $665200 gain. O $282200 loss. 1/1/20 $110600 gain. $272400 gain. $8140000 8665000 7825000 -0- $ 12/31/20 8560000 9358000 9820000 (1402000 ) 11% 8% 12/31/21 $ 11500000 12907000 10954000 (1570000 ) 11% Cullumber estimates that the average remaining service life is 16 years. Cullumber's contribution was $1213000 in 2021 and benefits paid were $877000. The unexpected gain or loss on plan assets in 2021 is 7%Jean Co. sponsors a defined benefit pension plan. For the current year ended December 31, the following information relevant to the plan has been accumulated: Defined benefit obligation, 1/1 Fair value of plan assets, 1/1 P5,000,000 4,500,000 500,000 1,000,000 250,000 1,050,000 250,000 Current service cost Past service cost Return on plan assets FV of DBO settled Gain on settlement Decrease in defined benefit obligation due to changes in actuarial assumptions 400,000 Discount rate 8% Requirements: 1. Calculate the amount that the entity would recognize in profit or loss. (Service costs & Net Interest) 2. Calculate the amount that the entity would recognize in other comprehensive. (Remeasurement) 3. In the working papers computations, what balance of plan assets will be presented by Jean Co on December 31? 4. In the working papers computations, what balance of benefit obligation will be determined by Jean Co on December 31?