The 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

The 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

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter19: Deferred Compensation

Section: Chapter Questions

Problem 35P

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Use the following information for the next four (4) questions: The memorandum records of Galinde Trading at January 1, 2021 show the following data: Define Benefit Obligation 2,600,000 Fair value of plan asset 3,000,000 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 is the balance of Benefit Obligation at December 31, 2021?
Use the following information for the next four (4) questions: The memorandum records of Galinde Trading at January 1, 2021 show the following data: Define Benefit Obligation 2,600,000 Fair value of plan asset 3,000,000 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% 1. How much is the net prepaid/accrued defined benefit cost that was shown on December 31, 2020 balance sheet? use negative sign (-) if accrued.
The memorandum records of Galindez Trading 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% How much is the net defined benefit liability/asset that will be shown on December 31, 2021 statement of financial position?
Use the following information for the next four (4) questions: The memorandum records of Galinde Trading at January 1, 2021 show the following data: Define Benefit Obligation 2,600,000 Fair value of plan asset 3,000,000 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% 2. How much is the retirement benefit expense taken to profit or loss for the year 2021?
Crane Company provides the following information about its defined benefit pen plan for the year 2025. (a) Prepare a pension worksheet inserting January 1, 2025, balances, showing December 31. 2025. (Enter all amounts as positive.)
The memorandum records of Galindez Trading 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% How much is the retirement benefit cost that is taken to other comprehensive income for the year 2021? Group of answer choices 130,000 loss 70,000 gain 70,000 loss 130,000 gain
The memorandum records of Galindez Trading 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% How much is the net prepaid/accrued defined benefit cost that was shown on December 31, 2020 balance sheet?
Use the following information for the next four (4) questions: The memorandum records of Galinde Trading at January 1, 2021 show the following data: Define Benefit Obligation 2,600,000 Fair value of plan asset 3,000,000 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% How much is the retirement benefit cost that is taken to other comprehensive income for the year 2021?
The memorandum records of Galindez Trading 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% How much is the retirement benefit cost that is taken to other comprehensive income for the year 2021?
Use the following information for the next five (5) questions: The memorandum records of Galindez Trading 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% 25) How much is the net prepaid/accrued defined benefit cost that was shown on December 31, 2020 balance sheet? A. 400,000 prepaid B. 400,000 accrued C. 346,000 prepaid D. 346,000 accrued 26) How much is the retirement benefit expense taken to profit or loss for the year 2021? A. 836,000 B. 834,000 C. 764,000 D. 694,000 27) How much is the retirement benefit cost that is taken to other comprehensive income for the year 2021? A. 130,000 gain B. 130,000 loss C. 70,000 gain D. 70,000 loss 28) What are the balances of…
Information about the defined benefit plan of the company are shown below: Fair value on plan assets, January 1, 2021 6,000,000 PV of Defined benefit obligation, January 1, 2021 7,800,000 Actual return on plan asset 180,000 Benefits paid during the year 1,000,000 Contributions during the year 800,000 Current service cost 800,000 Discount rate 5% What is the balance of the defined benefit liability as of December 31, 2021?
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, 2019

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Define Benefit Obligation	2,600,000
Fair value of plan asset	3,000,000

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%