Fair value of plan assets 37,000,000 Defined benefit plan 33,000,000 Asset ceiling 2,500,000 What is the prepaid/accrued benefit cost on December 31, 2019?
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Fed Inc. had the following balances relating to the defined benefit plan on December 31, 2019:
Fair value of plan assets 37,000,000
Defined benefit plan 33,000,000
Asset ceiling 2,500,000
What is the prepaid/accrued benefit cost on December 31, 2019?
0
1,500,000
2,500,000
4,000,000
answer not given
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- In 2019, Magenta Corporation paid compensation of 45,300 to the participants in a profit sharing plan. During 2019, Magenta Corporation contributed 13,200 to the plan. a. Calculate Magentas deductible amount for 2019. b. Calculate the amount of any contribution carryover from 2019.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?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?
- 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 reportedThe 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 3,700,000Strangers & 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. 500,000
- ABC Company had the following balances relating to its defined benefit plan on December 31, 2020: Fair value of plan assets, P37,000,000 Past service cost unrecognized, P2,000,000 Net actuarial loss unrecognized, P3,000,000 Projected benefit obligation, P33,000,000 PV of available future refund and reduction in future contribution, P1,000,000 How much prepaid benefit cost should be shown in the December 31, 2020 statement of financial position? (Round answer to whole number)Information 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?The following date relate to the defined benefit plan of ABC Company for the year ended December 31, 2020:· Present value of benefit obligation, January 1, 2020- P15,000,000· Fair Value of plan asset, January 2, 2020- P14,000,000· Contribution during the year- P1,050,000· Current service cost- P800,000· Benefits paid during the year- P1,500,000· Present value of benefit obligation, December 31, 2020- P17,000,000· Fair value of plan asset, December 31, 2020- P14,920,000· Discount rate- 6%· Expected rate of return- 7%What amount of net remeasurement gain and loss should be reported in the other comprehensive income?
- 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, 2019The 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?On December 31, 2020, GHI Company had the following balances in its memorandum records related to its defined benefit plan:· Fair value of plan assets- P10,000,000· Benefit obligation- P12,000,000 Other relevant information relating to the plan for 2021 follows:· Current service cost- P2,000,000· Past service cost- P1,300,000· Actual return on plan assets- P1,500,000· Actuarial gain on benefit obligation- P400,000· Actuarial gain on plan assets- P500,000· Present value of benefits settled- P900,000· Settlement price- P800,000· Contribution to the plan- P3,100,000· Discount rate- 12% How much is the employee benefit expense taken to profit or loss during 2021?
