11. The following information relates to the defined benefit pension plan for the BBB Company for the year ending December 31, 20x8: Present value of benefit obligation, January 1 Present value of benefit obligation, December 31 Fair value of plan assets, January 1 Fair value of plan assets, December 31 Employer contribution Benefits paid to retirees Settlement rate Ceiling – January 1 P6,900,000 7,793,500 7,552,500 8,347,500 637,500 585,000 10% 300,000 How much would be the net pension cost takes to profit and loss for the year 20x8?

11. The following information relates to the defined benefit pension plan for the BBB Company for the year ending December 31, 20x8: Present value of benefit obligation, January 1 Present value of benefit obligation, December 31 Fair value of plan assets, January 1 Fair value of plan assets, December 31 Employer contribution Benefits paid to retirees Settlement rate Ceiling – January 1 P6,900,000 7,793,500 7,552,500 8,347,500 637,500 585,000 10% 300,000 How much would be the net pension cost takes to profit and loss for the year 20x8?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Question text The relationship between the amount funded and the amount reported for pension expense is as follows Select one: а. pension expense will be less than the amount funded. b. pension expense will be more than the amount funded. c. pension expense must equal the amount funded. d. pension expense may be greater than, equal to, or less than the amount funded.
Owe
Subject : Accounting
The Marino Company has provided you the following information pertaining to its defined benefit pension plan that was adopted on January 1, 20X1: The service cost was $950,000 during 20X1 and $1,045,000 during 20X2. The prior service cost amortization each year was $290,000. The contribution to the pension plan was $1,500,000 on December 31, 20X1 and $1,800,000 on December 31, 20X2. The actuarially determined discount rate and the expected return on plan assets was 10%. The actual return on plan assets was 9.5%. Retirement benefits pertaining to years of service prior to 20X1 were granted to the employees. The prior service cost is being amortized over the remaining ten-year life of the employees. What is the pension expense for the year ended December 31, 20X2? Multiple Choice $1,335,000 $1,280,000 $1,185,000 $1,599,000
Please fill in the tables
Bb.47.
Bb.24.
Hh1.
None
Subject - account Please help me. Thankyou.
Rahul
The following information is related to the defined benefit pension plan of Avalanche Corporation for the year: Service cost $ 62,000 Contributions to pension plan 118,000 Benefits paid to retirees 156,000 Plan assets (fair value), January 1 641,000 Plan assets (fair value), December 31 758,000 Actual return on plan assets 155,000 PBO, January 1 925,000 PBO, December 31 923,500 Discount rate 10 % Long-term expected return on plan assets 9 % Assuming no other relevant data exist, what is the pension expense for the year? Multiple Choice $62,000. $89,810. $96,810. $154,500.