The following information is made available involving the defined benefit pension plan of Princess Company for the year 2018: Fair value of plan assets, 1/1/17 P3,500,000 Present value of benefit obligation 1/1/17 3,750,000 Current service cost 700,000 Actuarial return on plan asset 420,000 Contribution to the plan 600,000 Benefits paid to retirees 750,000, Decrease in the present value of benefit obligation due to change in actuarial assumptions 100,000 Present value of defined benefit obligation settled 250,000 Settlement price of defined benefit obligation 200,000 Discount rate 10% What amount employee benefit cost should be reported in the profit or loss?
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- The following information is made available involving the defined benefit pension plan of Princess Company for the year 2018: Fair value of plan assets, 1/1/17 P3,500,000 Present value of benefit obligation 1/1/17 3,750,000 Current service cost 700,000 Actuarial return on plan asset 420,000 Contribution to the plan 600,000 Benefits paid to retirees 750,000, Decrease in the present value of benefit obligation due to change in actuarial assumptions 100,000 Present value of defined benefit obligation settled 250,000 Settlement price of defined benefit obligation 200,000 Discount rate 10% What is the fair value of the plan asset as of December 31, 2018?The following information is made available involving the defined benefit pension plan of Princess Company for the year 2018: Fair value of plan assets, 1/1/17 P3,500,000 Present value of benefit obligation 1/1/17 3,750,000 Current service cost 700,000 Actuarial return on plan asset 420,000 Contribution to the plan 600,000 Benefits paid to retirees 750,000. Decrease in the present value of benefit obligation due to change in actuarial assumptions 100,000 Present value of defined benefit obligation settled 250,000 Settlement price of defined benefit obligation 200,000 Discount rate 10% What is balance of the prepaid or accrued pension as of December 31, 2018?The following information is available for BDM Corporation's defined benefit pension plan: Defined benefit obligation, opening balance, accounting basis Fair value of plan assets Current service cost Discount rate Actual return earned on plan assets Contributions (funding) Benefits paid to retirees (a) 2023 2024 Your answer is partially correct. 2025 Asset/Liability Llability Liability Liability $ $ 2023 175.000 165,000 35,000 $ 7% Amount 8% 44,000 24,800 2024 On January 1, 2023, BDM amended its pension plan, resulting in past service costs with a present value of $78,200. ? ? $47,250 7% 6% Calculate the pension plan's surplus or deficit and the pension liability or asset reported on the December 31, 2023, 2024, and 2025 statements of financial position assuming that BDM accounts for its pension plan under ASPE. (Round answers to O decimal places, e.g. 5,275.) 44,000 25,000 2025 ? ? $52,500 7% 7% 44,000 28,400
- The following information is available for WJB Corporation's defined benefit pension plan: Defined benefit obligation, opening balance, accounting basis Fair value of plan assets Current service cost Discount rate Actual return earned on plan assets Contributions (funding) Benefits paid to retirees (a) 2023 2024 Your answer is partially correct. 2025 Asset/Liability Liability Liability 2023 Liability 175,000 165,000 Amount 35,000 7% 8% 44,000 22,200 2024 ? ? $47,250 7% 6% 44,000 On January 1, 2023, WJB amended its pension plan, resulting in past service costs with a present value of $78,400. 25,900 2025 ? Calculate the pension plan's surplus or deficit and the pension liability or asset reported on the December 31, 2023, 2024, and 2025 statements of financial position assuming that WJB accounts for its pension plan under ASPE. (Round answers to O decimal places, e.g. 5,275.) ? $52,500 7% 7% 44,000 30,300The following information relates to the pension plan for the employees of Blossom Co.: Accum, beneht obligation Projected benefit obligation Fair value of plan assets AOCI - net (gain) or loss Settlement rate (for year) Expected rate of return (for year) 1/1/20 The corridor for 2021 is $10240000 10765000 9925000 -0- 12/31/20 $10660000 11458000 11920000 (1612000) 9% 9% 12/31/21 $ 13600000 15007000 13054000 (1780000) 9% 8% Blossom estimates that the average remaining service life is 16 years. Blossom's contribution was $1423000 in 2021 and benefits paid were $1087000.The following are made available for the defined benefit pension plan of ABC Company as of Dec 31, 20X3: Fair Value of plan asset, Jan 1, 20x3 The actual return of plan assets Payment made to retirees Payment for pension benefits settled on active employees Contribution during the year Discount Rate What is the fair value of plan assets as of Dec 31, 20x3? 1,500,000 225,000 300,000 200,000 250,000 6%
- The following information relates to the pension plan for the employees of Blossom Company: Accum. benefit obligation Projected benefit obligation Fair value of plan assets AOCI - net (gain) or loss Settlement rate (for year) Expected rate of return (for year) 1/1/25 $7940000 8465000 7625000 O $26250. O $17456. O $20238. O $14188. 0 12/31/25 $8360000 9158000 9620000 (1382000) 11% 8% 12/31/26 $11300000 12707000 10754000 (1550000) 11% 7% Blossom estimates that the average remaining service life is 16 years. Blossom's contribution was $1323000 in 2026 and benefits paid were $987000. The amount of AOCI (net gain) amortized in 2026 isThe following data are for the pension plan for the employees of Blossom Company. Accumulated benefit obligation Projected benefit obligation Plan assets (at fair value) AOCL - net loss Settlement rate (for year) Expected rate of return (for year) 1/1/25 $5010000 5410000 O $610000. $400000. O $520000. O $320000. 4610000 The actual return on plan assets in 2026 was 0 12/31/25 $5210000 5610000 6010000 970000 9% 7% 12/31/26 $6810000 7410000 6620000 1010000 8% Blossom's contribution was $850000 in 2026 and benefits paid were $760000. Blossom estimates that the average remaining service life is 15 years. 6%Wildhorse Company provides the following information about its defined benefit pension plan for the year 2025. Service cost Contribution to the plan Prior service cost amortization Actual and expected return on plan assets Benefits paid Plan assets at January 1, 2025 Projected benefit obligation at January 1, 2025 Accumulated OCI (PSC) at January 1, 2025 Interest/discount (settlement) rate Compute the pension expense for the year 2025. Pension expense for 2025 $89,400 105,700 10,800 64,500 40,200 640,200 710,100 152,200 10%
- Following information is relevant to a defined benefit pension plan of PT XYZ for the year 2020: Plant Assets Balance at January 01, 2020 Expected return on plan assets 600 61 Contribution received 49 Benefits paid Actuarial gain (balancing figure) -40 15 685 Plant Liabilities: Balance at January 01, 2020 640 Interest cost 52 Current Service Cost 21 Benefit paid Actuarial gain (loss) (balancing figure) -40 42 715 Calculate: (i) Pension expense to be recognised in profit or loss for the year ended December 31, 2020. (ii) Net liabilities to be shown in the Statement of Financial Position as of December 31, 2020Following information is relevant to a defined benefit pension plan of PT XYZ for the year2020: Plant AssetsBalance at January 01, 2020 600Expected return on plan assets 61Contribution received 49Benefits paid -40Actuarial gain (balancing figure) 15Total 685 Plant Liabilities:Balance at January 01, 2020 640Interest cost 52Current Service Cost 21Benefit paid -40Actuarial gain (loss) (balancingfigure) 42Total 715 Calculate:(i) Pension expense to be recognised in profit or loss for the year ended December 31,2020.(ii) Net liabilities to be shown in the Statement of Financial Position as of December31, 2020The following information is available for the pension plan of Carla Vista Company for the year 2025. Actual and expected return on plan assets Benefits paid to retirees Contributions (funding) Interest/discount rate Prior service cost amortization Projected benefit obligation, January 1, 2025 Service cost (a) Compute pension expense for the year 2025. $13,800 40,000 91,300 9% 8,200 496,000 65,400