GG Inc. sponsors a defined-benefit pension plan. The following data relates to the operation of the plan for the year 2020. Service cost P200,000 Contributions to the plan 220,000 Actual return on plan assets 180,000 Defined benefit obligation (beginning of year) 2,400,000 Fair value of plan assets (beginning of year) 1,600,000 The discount rate was 10%. The amount of pension expense reported for 2020 is?
GG Inc. sponsors a defined-benefit pension plan. The following data relates to the operation of the plan for the year 2020. Service cost P200,000 Contributions to the plan 220,000 Actual return on plan assets 180,000 Defined benefit obligation (beginning of year) 2,400,000 Fair value of plan assets (beginning of year) 1,600,000 The discount rate was 10%. The amount of pension expense reported for 2020 is?
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter19: Accounting For Post Retirement Benefits
Section: Chapter Questions
Problem 4E
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GG Inc. sponsors a defined-benefit pension plan. The following data relates to the operation of the plan for the year 2020.
Service cost | P200,000 |
Contributions to the plan | 220,000 |
Actual return on plan assets | 180,000 |
Defined benefit obligation (beginning of year) | 2,400,000 |
Fair value of plan assets (beginning of year) | 1,600,000 |
The discount rate was 10%. The amount of pension expense reported for 2020 is?
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