On January 1, 2016, Jr Co. has the following balances: Defined benefit obligation P2,100,000 Fair value of plan assets 1,800,000 The discount rate is 10%. Other data related to the pension
On January 1, 2016, Jr Co. has the following balances:
Defined benefit obligation P2,100,000
Fair value of plan assets 1,800,000
The discount rate is 10%. Other data related to the pension plan for 2016 are:
Service cost P180,000
Past service costs due to increase in benefits 60,000
Contributions 300,000
Benefits paid 105,000
Actual return on plan assets 237,000
Net gain on liability 18,000
The balance of the defined benefit obligation at December 31, 2016 is
Step by step
Solved in 2 steps
