Urban Life Ltd. sponsors a defined benefit pension plan for its employees. It is now the 20X9 fiscal year. An appropriate interest rate for long-term debt is 6%. Information with respect to the plan is as follows: Fair value of plan assets, 31 December 20X8 Defined benefit obligation, 31 December 20X8 Actual return on plan assets for 20X9 Past service cost from amendment dated 1 January 20X9, liability is reduced because benefits were reduced. Actuarial revaluation dated 31 December 20X9; liability is reduced because of changed mortality assumptions. Funding payment at year-end 20X9 Benefits paid to retirees during 20X9 Current service cost for 20x9 $5,483,000 6,669,000 62,800 (220,200) (620,700) 535,000 122,000 258,900 Required: 1. Calculate the SFP net defined benefit pension liability as of 31 December 20X8.

Urban Life Ltd. sponsors a defined benefit pension plan for its employees. It is now the 20X9 fiscal year. An appropriate interest rate for long-term debt is 7%. Information with respect to the plan is as follows: Fair value of plan assets, 31 December 20X8 Defined benefit obligation, 31 December 20X8 Actual return on plan assets for 20X9 Past service cost from amendment dated 1 January 20x9, liability is reduced because benefits were reduced. Actuarial revaluation dated 31 December 20X9; liability is reduced because of changed mortality assumptions. Funding payment at year-end 20X9 Benefits paid to retirees during 20X9 Current service cost for 20x9 $5,473,000 6,649,000 62,600 (218,200) (618,700) 525,000 120,000 257,900 Required: 1. Calculate the SFP net defined benefit pension liability as of 31 December 20X8. Net defined benefit pension liability, 31 December 20X8

Urban Life Ltd. sponsors a defined benefit pension plan for its employees. It is now the 20X9 fiscal year. An appropriate interest rate for long-term debt is 6%. Information with respect to the plan is as follows: Fair value of plan assets, 31 December 2018 $ 5,478,000 Defined benefit obligation, 31 December 2018 6,659,000 Actual return on plan assets for 2019 62,700 Past service cost from amendment dated 31 December 2019, liability is reduced because benefits were reduced (219,200 ) Actuarial revaluation dated 31 December 20]9; liability is reduced because of changed mortality assumptions (619,700 ) Funding payment at year-end 2019 530,000 Benefits paid to retirees during 2019 121,000 Current service cost for 2019 258,400 Required: 1. Calculate the SFP net defined benefit pension liability as of 31 December 2018. 2. Calculate the net defined benefit pension liability as of 31 December 2019 by calculating the defined benefit obligation and the fair value of plan assets at 31 December…

Rosaria Co. sponsors a defined benefit pension plan. For the current year ended December 31, thefollowing information relevant to the plan has been accumulated:Defined benefit obligation, 1/1 P11,250,000Fair value of plan assets, 1/1 10,500,000Current service cost 1,050,000Past service cost 2,200,000Actual return on plan assets 600,000Decrease in defined benefit obligation due tochanges in actuarial assumptions300,000Discount rate 8%Requirements:1. In the working papers computations, what balance of plan assets will be determined?2. In the working papers computations, what balance of benefit obligation will be determined?3. Calculate the amount that the entity would recognize in profit or loss for the year in accordancewith the revised PAS 19.4. Calculate the amount that the entity would recognize in other comprehensive income for theyear in accordance with the revised PAS 19.