In relation to the asset ceiling, the amount that the entity would recognize in other comprehensive income for the year 2020 is
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An entity’s defined benefit plan has the following information:
|
12/31/19 |
12/31/20 |
Fair value of plan assets |
P10 million |
P12 million |
Defined benefit obligation |
8 million |
9 million |
Discount rate |
10% |
10% |
Present value of available future refunds and reduction in future contributions |
1.6 million |
2 million |
In relation to the asset ceiling, the amount that the entity would recognize in other comprehensive income for the year 2020 is
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- An entity’s defined benefit plan has the following information: 12/31/19 12/31/20 Fair value of plan assets P10 million P12 million Defined benefit obligation 8 million 9 million Discount rate 10% 10% Present value of available future refunds and reduction in future contributions 1.6 million 2 million In relation to the asset ceiling, the amount that the entity would recognize in other comprehensive income for the year 2020 is Group of answer choices P560,000 P600,000 P400,000 P1,000,000Information 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?Strangers & 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
- Given the following items and amounts, compute the actual return on plan assets: fair value of plan assets at the beginning of the period $9,200,000; benefits paid during the period $1,400,000; contributions made during the period $1,000,000; and fair value of the plan assets at the end of the period $10,150,000. O a. $ 1,250,000 O b. $ 1,350,000 $ 1,400,000 O d. $ 1,450,000An 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?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 reported
- Information on an entity's defined benefit plan are shown below Return on plan asset 240,000 Fair value of plan asset, Jan 1, 2020 2,000,000 Benefits paid to retirees 600,000 Settlement gain on early retirement 100,000 Contributions to the fund 900,000 What is the balance of the Fair value of plan asset on December 31, 2020?On December 31, 2020, Detroit 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? A.P3,300,000B.P3,640,000C.P3,540,000D.P3,440,000On 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?
- 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.)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?3. Information on an entity's plan assets is shown below: Fair value of plan assets, Jan. 1 120,000 Return on plan assets 40,000 Contributions to the retirement fund during the year 280,000 Benefits paid to retirees 160,000 Actuarial loss 60,000 How much is the fair value of the plan assets as of year-end?