How much is the defined benefit cost for 2022?
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Benefit obligation, 1/1/2022, P9M
FVPA, 1/1/2022, P10M
Current service cost, P1.7M
Past service cost, P500K
Benefits paid to retirees, P2.2M
Contribution to the plan, P2M
Actual return on plan assets, P1.5M
Actuarial loss due to remeasurement of benefit obligation, P400K
Discount rate, 12%
There are no asset ceilings at the beginning and end of the year.
How much is the defined benefit cost for 2022?
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- Carla Vista Corporation has the following information available concerning its postretirement benefit plan for 2025. Service cost Interest cost Actual and expected return on plan assets Postretirement expense 2025 LA $36,500 Compute Carla Vista's 2025 postretirement expense. $ 43,900 25.800The following information relates to Oriole, Incorporated: Plan assets (at fair value) Pension expense Projected benefit obligation Annual contribution to plan Accumulated OCI (PSC) For the Year Ended December 31, ○ $0. O $540000. O $2460000. O $174000. 2025 $1608000 765000 1980000 810000 630000 2026 $2286000 594000 2460000 594000 540000 The amount reported as the liability for pensions on the December 31, 2026 balance sheet isFair value of plan assets 4,750,000Unamortized past service cost 1,250,000Projected benefit obligation 5,500,000Unrecognized actuarial gain 850,000The transactions for the current year relating to the defined benefit plan are as follows:Current service cost 925,000Discount rate 6%Actual return on plan assets 485,000Contribution to the plan 1,350,000Benefits paid to retirees 995,000Increase in projected benefit obligation due to changes in actuarial assumptions 150,000Effective in the current year, the entity has applied the provisions of revised PAS 19 in relation to the definedbenefit plan.REQUIRED:15. Prepare journal entry to recognize the transitional effect of adopting revised PAS 19.16. Determine the employee benefit expense for the current year.17. Compute the remeasurement related to the defined benefit plan.18. Prepare journal entry to record the employee benefit expense.19. Compute for the Fair Value Plan Asset (FVPA) as of December 31.20. Compute for the projected benefit…
- d. Prepare a reconciliation of the beginning and ending balances The following information is taken from the actuarial valuation report of Daddy, Inc.'s defined benefit plan: Fair value of plan assets, Jan. 1 Present value of defined benefit obligation, Jan. 1 Past service cost from plan amendment during the year (the vesting period is 5 yrs.)es 2,100,000 2,400,000 300,000 Current service cost 600,000 Benefits paid to retirees during the Actuarial gain during the period Return on plan assets during the period Contributions to the fund during the year Discount rate based on high quality corporate bonds year 450,000 15,000 270,000 480,000 12% Requirements: a. Determine net defined benefit liability/asset as of Jan. 1, 20x1 and Dec. 31, 20x1, respectively. b. Compute for the defined benefit cost in 20x1, showing amoúnts recognized in P/L and OCI, respectively. c. Provide the journal entries in 20x1. Prepare a reconciliation of the beginning and ending balances с. d. of net defined benefit…A company that sponsors a defined benefit plan records an entry to debit OCI-Pension Gain/Loss for $5,000 and credit Plan Assets. The company uses the corridor approach to amortize Accumulated OCI-Pension Gain/Loss. This entry indicates that Select one: O a. The expected return on plan assets exceeded actual return on plan assets. O b. The actual return on plan assets exceeded the expected return on plan assets. O c. The beginning balance in Accumulated OCI-Pension Gain/Loss exceeded the corridor. O d. The beginning balance in Accumulated OCI-Pension Gain/Loss did not exceed the corridor. e. a and c f. b and d OOThe following relates to the define benefit obligation plan for Tokwa’t Baboy Inc. in 2016:Accrued benefit obligation, January 1 4,600,000Accrued benefit obligation, December 31 4,929,000FV of plan assets, January 1 5,035,000FV of plan assets, December 31 5,565,000Actuarial gain due to remeasurement of benefit obligation 32,500Employer contributions 425,000Benefits paid to retirees 390,000Discount rate 10% The service cost for current year would beA. P219,500 B. P226,500 C. P262,500 D. P291,500 . The actual return on plan assets for the year isA. P105,000 B. P495,000 C. P503,500 D. P512,000 What is the retirement benefit expense reported in profit or loss for the year 2016?A. P224,000 B. P242,000 C. P248,000 D. P284,000
- 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 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?Pension data for Sterling Properties include the following: Service cost, 2024 Projected benefit obligation, January 1, 2024 Plan assets (fair value), January 1, 2024 Prior service cost-AOCI (2024 amortization, $8) Net loss-AOCI (2024 amortization, $1) Interest rate, 5% Expected return on plan assets, 9% Actual return on plan assets, 10% ($ in thousands) $ 127 560 600 92 113 Required: Determine pension expense for 2024. Note: Enter your answers in thousands (i.e., 10,000 should be entered as 10). Amounts to be deducted should be indicated with a minus sign.
- Pension data for Sterling Properties include the following: ($ in thousands)Service cost, 2021 $112Projected benefit obligation, January 1, 2021 850Plan assets (fair value), January 1, 2021 900Prior service cost—AOCI (2021 amortization, $8) 80Net loss—AOCI (2021 amortization, $1) 101Interest rate, 6%Expected return on plan assets, 10%Actual return on plan assets, 11% Required:Determine pension expense for 2021.NOTE 17: EMPLOYEE BENEFIT PLANS (in part) ($ in millions) Changes in projected benefit obligation: Obligation at beginning of period Service cost Interest cost Pension Benefits 2020 2019 $ 648 1 $ 637 1 31 34 Actuarial (gain) loss Benefits paid Obligation at end of period Change in plan assets: 54 37 (50) (50) $ 684 $ 659 Fair value of plan assets at beginning of period Actual return (loss) on plan assets* $ 496 $ 431 70 52 Employer contribution 24 74 Benefits paid (50) (50) Fair value of plan assets at end of period 540 507 Net liability recognized at end of period $ (144) $ (152) *Expected return $30 and $29 in 2020 and 2019, respectively Required: 1. What amount did Maur report in its balance sheet related to the pension plan at June 30, 2020? 2. When calculating pension expense at June 30, Maur included $10 million in its income statement as the amortization of unrecognized net actuarial loss (net loss-AOCI). This AOCI account had a balance of $350 million at the beginning of the…CHOOSE THE LETTER OF THE CORRECT ANSWER What is the employee benefit expense for the current year? a. 1,180,000b. 2,100,000c. 1,850,000d. 1,050,000 What is the remeasurement gain or loss on plan assets on Dec. 31? a. 670,000 gainb. 670,000 lossc. 650,000 gaind. 650,000 loss