Information on Complicated Company's defined benefit plan is as follows: Fair value of plan assets, Jan. 1 - P480,000; Return on plan assets (Actual rate of return for the period) - 10%; Contributions to the retirement fund during the year - P800,000; Benefits paid to retirees - P200,000. How much is the balance of the fair value of plan assets as of year-end

Information on Complicated Company's defined benefit plan is as follows: Fair value of plan assets, Jan. 1 - P480,000; Return on plan assets (Actual rate of return for the period) - 10%; Contributions to the retirement fund during the year - P800,000; Benefits paid to retirees - P200,000. How much is the balance of the fair value of plan assets as of year-end

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter19: Accounting For Post Retirement Benefits

Section: Chapter Questions

Problem 6RE

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On January 1, 2020, FB Company had the following data in connection with its defined benefit plan: Fair value of plan assets- P6,500,000 • Defined benefit obligation- P7,500,000 The accountant revealed the following information for the current year. • Current service costs- P1,600,000 • Discount rate- 10% • Actual return on plan assets-P600,000 . Expected return on plan assets- 8% . Contribution to the plan- P1,500,000 How much is the retirement benefit expense in 2020? A.P1,830,000 B.P1,600,000 C.P2,350,000 D.P1,750,000
Information on Balinquit Company’s defined benefit plan is shown below: Fair value of plan asset, January 1 480,000 Return on plan assets (actual rate of return for the period) 10% Contribution to the retirement fund during the year 800,000 Benefits paid to retirees 200,000 How much is the balance of the fair value of plan assets as of year-end?
Riko Company had the following data related to its defined benefit pensionplan: 1/1 Plan Assets Fair Value, $600m; Expected return on plan assets, $60m; ActualReturn on Plan Assets, $48m; Contributions to the pension fund at the end of the year,$100m; Amortization of net loss, $10m; Pension Benefits paid at the end of the year,$11m; Pension Expense, $72 million. What is the balance in Pension Plan Assets at12/31? _________
Information on an entity's plan assets is as follows: Fair value of plan assets, Jan 1 234,000 of Fair value of plan assets, Dec 31 299,000 Contributions to the retirement fund during the 120,000 tion year Benefits paid to retirees 79,000 Actuarial loss 12,000 Discount rate 10% How much is the return on plan assets during the year? O 24,000 O 29,400 O 37,400 O 23,400
The following date relate to the defined benefit plan of CCC Company for the year ended December 31, 20x8: Present value of benefit obligation, January 1, 20x8 Current service cost Benefits paid during the year Discount rate Present value of benefit obligation, December 31 20x8 1. P15,000,000 800,000 1,500,000 6% 17,410,000 Ignore income tax, what amount of remeasurement gain or loss that should be included in the other comprehensive income?
An entity provided the following information for the current year: Current service cost 500,000 Past service cost during the year 300,000 Interest on PBO 600,000 Interest income on plan assets 350,000 Loss on plan settlement before normal retirement date 250,000 Present value of benefit obligation settled in advance 950,000 Actual return on plan assets 850,000 Actuarial loss on PBO during the year 200,000 Contribution to the plan 1,500,000 Benefits paid to retirees 1,000,000 Discount or settlement rate 10% What is the employee benefit expense for the current year?
The following date relate to the defined benefit plan of Bronson Company for the year ended December 31, 2018: Present value of benefit obligation January 1, 2018 15,000,000 Current service cost 800,000 Benefits paid during the year 1,500,000 Discount rate 6% Present value of benefit obligation, December 31, 2018 17,410,000 Ignore income tax, what amount of remeasurement gain or loss that should be included in the other comprehensive income?
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?
Analyzing Changes in Plan Assets and PBO The following information pertains to a company's defined benefit plan for the year. Balance Fair value of plan assets, Jan. 1 Fair value of plan assets, Dec. 31 Projected benefit obligation, Jan. 1 Net pension asset (liability), Dec. 31 Activity for the Year Actual return on plan assets $300 Contributions to plan assets 450 Service cost 500 $ 400 Discount rate 8% Expected rate of return on plan assets 7% Required a. Calculate benefits paid to retirees during the year. Note: Do not use a negative sign with your answer. Other $ Check X b. Calculate any actuarial gain or loss on the PBO for the year. Note: Use a negative sign to indicate a loss. $5,000 Dr. 5,625 Dr. 5,000 Cr. 200 Cr. x
You gathered the following information related to Ashley Company’s the defined benefit plan for the current year ended December 31: Fair value of plan assets: P2,100 million at January 1, and P2,300 million at December 31 Present value of obligation to provide benefits: P2,200 million at January 1, and P2,600 million at December 31 Contributions paid to the fund: P80 million Benefits paid to retired employees: P50 million The defined benefit cost for the year is A P250 million B P280 million C P200 million D P120 million
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?
An entity provided the following information for the current year: Current service cost 500,000 Past service cost during the year 300,000 Interest on PBO 600,000 Interest income on plan assets 350,000 Loss on plan settlement before normal retirement date 250,000 Present value of benefit obligation settled in advance 950,000 Actual return on plan assets 850,000 Actuarial loss on PB0 during the year 200,000 Contribution to the plan 1,500,000 Benefits paid to retirees 1,000,000 Discount or settlement rate 10% What is the net remeasurement of the defined benefit plan for the current year?