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 bensive income?
Q: Hawkins Corporation has the following balances at December 31, 2017. Projected benefit obligation…
A: Given information is: Projected Benefit Obligation = $26,00,000 Plan assets at fair value =…
Q: The following information relates to the defined benefit pension plan of ABC Company for the year…
A: Particulars Debit (P) Particulars Credit (P) Beginning balance 9,500,000 Actuarial loss 120,000…
Q: On January 1, 2021, Ravetch Corporation’s projected benefit obligation was $30 million. During 2021,…
A: Interest cost = Beginning Projected benefit obligation x actuary’s discount rate = $30 million x 10%…
Q: Under the defined-benefit pension plan for a company, the expected return on plan assets is $124,000…
A: Ans. Where any differences occurs between the actual return on plan assets and expected returns on…
Q: On January 1, 2016, Ju Co. has the following balances: Defined benefit obligation P2,100,000 Fair…
A: Formula: Ending fair value of plan Assets = Beginning fair value of plan assets + Actual return on…
Q: Information on Chang Company's defined benefit plan is shown below: Present value of benefit…
A: Defined benefit plans:- Defined benefit plans refers to plan which are made by the employer for the…
Q: The following information is related to the defined benefit pension plan of a company for 2021.…
A: Pension is an expense a company charges to expense for the pension amount payable to its employees.…
Q: For the current year, Casimira Travel Agency provided the following information relating to the…
A: Interest cost = Beginning Defined benefit obligation x discount rate = P7,200,000 x 10% = P720,000
Q: Information about the defined benefit plan of the company are shown below Defined benefit…
A: Settelment cost = Defined benefit obligation, January 1, 2021 x Discount rate = 5,500,000 x 5% =…
Q: The following information is made available involving the defined benefit pension plan of Princess…
A: Defined benefit plans are plans that are made or established by the company for the benefit of…
Q: You have been provided with the following information related to the year 2020. The company is a…
A: Since you have posted a question with many sub-parts, we will solve three sub-parts for you. To get…
Q: Joshua Company has a define contribution plan that covers its existing employees. The terms of the…
A: A Defined Contribution Plan is a retirement plan in which employees allocate part of their salary…
Q: retirement benefit cost that is taken to other comprehensive income
A: The employee benefits is computed for the year as principals laid down in IAS19
Q: E. Charlton Company provided the following information concerning a defined benefit plan at the…
A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…
Q: Data regarding the defined benefit plan of XYZ Company follows: Present value of defined benefit…
A: Defined Benefit Obligation: A defined benefit plan is a sort of post-employment benefit that ensures…
Q: At January 1, 2019, XYZ Company had plan assets of €250,000 and a defined benefit obligation of the…
A:
Q: The memorandum records of Galindez Trading at January 1, 2021 show the following data: Define…
A: Change in return on plan assets=Actual return on plan assets-Fair value of plan assets×Discount…
Q: On January 1, 2022, Seismic Slam Company had the following balances in its memorandum records: Fair…
A: A defined benefit plan is a sort of post-employment benefit that provides employees with a pension…
Q: 4 You gathered the following information related to Ashley Company’s the defined benefit plan for…
A: Defined benefit cost for the year means how much amount needs to be expense out for the defined…
Q: TINSEL Company implemented a defined benefit plan on January 1, 2021. The following data are…
A: Pension liability on December 31, 2021 = Projected benefit obligation on December 31, 2021 - Plan…
Q: The following information is made available involving the defined benefit pension plan of Princess…
A: Interest cost = Defined benefit obligation x discount rate = 3750000 x 10% = 375000
Q: The following information is related to the defined benefit pension plan of Melissa Larson Company…
A: Pension expense = Service cost + Interest cost + Expected return on plan assets
Q: The following are made available for the defined benefit pension plan of Pores Corporation as of…
A: As per IAS 19 Employee Benefits, every organisation maintain pension plan for employees and for that…
Q: Wella Company reported a prepaid benefit cost of P 1,500,000 on January 1, 2016. The entity provided…
A: Defined benefit pension plan: A kind of pension plan where a certain amount of pension is reimbursed…
Q: The following information relates to Irasly Inc. at December 31, 2019: Fair value of plan assets…
A: As posted multiple independent questions we are answering only first question kindly repost the…
Q: On January 1, 2022, Seismic Slam Company had the following balances in its memorandum records: Fair…
A: Interest cost = Projected benefit obligation x Discount or settlement rate = 3,400,000 x 8% =…
Q: The following facts relate to the Lional Co. postretirement benefits plan for 2021: · Service cost-…
A: Interest = Post-employment benefit obligation, January 1, 2021 x Discount rat = P1,200,000 x 9% =…
Q: How much is the net defined benefit liability/asset that will be shown on December 31, 2021…
A: Net defined benefit liability/(asset)= Defined Benefit Obligation- Plan Assets
Q: The memorandum records ofGalindezTrading at January 1, 2021 show the following data: Define…
A: Plan Asset at December 31, 2021 = Beginning Fair value of plan assets + Actual return on plan assets…
Q: , The actuarial valuation report of an entity shows the following information: Present value of…
A: Current service cost = Present value of DBO, end + Benefits paid + Actuarial gain - Interest expense…
Q: The following information pertains to Havana Corporation's defined benefit penslon plart 2022…
A: Introduction: The process of determining the expenses connected with developing, sustaining, and…
Q: Mermade Corp. adopts the IFRS for its defined benefit retirement plan on January 1, 2021, with the…
A: RECONCILITION OF PLAN ASSETS AND DEFINED BENEFIR OBLIGATION (DBO) (AMT IN Php) PARTICULARS…
Q: On January 1, 2016, J Co. has the following balances: Defined benefit obligation P2,100,000 Fair…
A: A defined benefit plan seems to be a sort of post-employment benefit that provides employees with a…
Q: The following relates to the define benefit obligation plan for Tokwa’t Baboy Inc. in 2016: Accrued…
A: Calculation of service cost: Particulars Amount Closing benifit obligation 4,929,000 Add:…
Q: The following information relates to the defined benefit pension plan of ABC Company for the year…
A: RECONCILITION OF PLAN ASSETS AND DEFINED BENEFIR OBLIGATION (DBO) (AMT IN Php) PARTICULARS…
Q: The following date relate to the defined benefit plan of CCC Company for the year ended December 31,…
A: Solution:- Calculation of amount of re measurement gain or loss that should be included in the other…
Q: Buffalo Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2020, the…
A: General Journal Debit Credit Pension Expense 100,656 Other comprehensive income(G/L) 76,600…
Q: Information on Balinquit Company’s defined benefit plan is shown below: Fair value of plan asset,…
A: PLAN assets are assets or investments held by a long-term employee benefit fund for the purpose of…
Q: TINSEL Company implemented a defined benefit plan on January 1, 2021. The following data are…
A: Pension liability on December 31, 2021 = Projected benefit obligation on December 31, 2021 - Plan…
Q: Hawkins Corporation has the following balances at December 31, 2020. Projected benefit obligation…
A:
Q: How much is the retirement benefit expense taken to profit or loss for the year 2020? Assuming that…
A: Retirement benefit expense: =9% of gross payroll + 6% of sales exceeding P15,000,000
Q: The following information relates to the defined benefit pension plan for the McDonald Company for…
A: Return on plan assets = Fair value of plan assets, December 31 + Benefits paid to retirees -…
Q: The following date relate to the defined benefit plan of Bronson Company for the year ended December…
A: According to the accounting standard present obligation plan shows the company's liability which is…
Q: On January 1, 2021, Dynamax Company had the following balances in its memorandum records: Fair value…
A: SOLUTION- COMPREHENSIVE INCOME INCLUDES REGULAR INCOME AND OTHER COMPREHENSIVE INCOME , WHICH…
Q: A Company provided the following pension plan information: Projected benefit obligation – January…
A: The fair value of the funds invested to pay pension obligations is said to be the fair value of plan…
Q: On January 1, 2016, Jr Co. has the following balances: Defined benefit obligation…
A: Fair Value is a term referred to as a broad measure of an asset's worth.It is not as same as market…
Q: Sandra Company provided the following information for the 1. What is the employee benefit expense…
A: SOLUTION- EMPLOYEE BENEFIT EXPENSE = CURRENT SERVICE COST + PAST SERVICE COST + INTEREST EXPENSE…
Choices
0
900 000
1 700 000
2 210 000
Step by step
Solved in 2 steps
- 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?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?The 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
- Information about the defined benefit plan of the company are shown below Defined benefit obligation, January 1, 2021 5,500,000 Current service cost 330,000 Actual return on plan asset 170,000 Fair value on plan asset, January 1, 2021 4,000,000 Discount rate 5% What is the balance of the defined benefit obligation as of December 31, 2021?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?The following data is available for Mustang Company's defined benefit plan for the year 2019: P 10,500,000 Benefit obligation, January 1 Fair value of plan assets, January 1 11,600,000 Current service cost 3,100,000 Discount rate Benefits paid to retirees Contribution to the plan Actual return on plan assets Decrease in benefit obligation due to remeasurements Past service cost Final settlement payments Present value of settled benefit obligation 12% 1,800,000 2,450,000 1,500,000 400,000 500,000 470,000 550,000 a. How much is the defined benefit cost to be recognized in profit or loss in 2019? b. How much is the defined benefit cost to be recognized in other the comprehensive income in 2019? c. What is the prepaid/accrued benefit cost at December 31, 2019?
- 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?The following information relates to the defined benefit plan for the McDonald Company for the year ending December 31, 2019. Projected benefit obligation, Jan1 P4,600,000 Projected benefit obligation, Dec31 4,729,000 Fair value of plan assets, Jan1 5,035,000 Fair value of plan assets, Dec 31 5,565,000 Employer contributions 425,000 Benefits paid to retirees 390,000 Discount rate 10% How much is service cost for the year?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?
- At December 31, 2023, Crane Corporation provided you with the following information: Defined benefit obligation, December 31, 2023 $3,420,000 Plan assets at fair value, December 31, 2023 2,435,000 Past service cost from plan amendment on December 31, 2023 1,005,500 Determine the account and its balance that should be reported on Crane's December 31, 2023 balance sheet if it applies ASPE. Net defined benefit $ How should the $1,005,500 be reported? The $1,005,500 eTextbook a should be reported on balance sheet should be reported separately on the statement of income or in the notes should not be reportedThe following information pertains to Rose Corporation's defined benefit plan for the year 2019: Accrued benefit obligation, January 1, 2019 P5,000,000 Fair value of plan assets, January 1, 2019 3,800,000 Current service cost 600,000 Past service cost, determined at 12/31/19 580,000 Interest rate 12% Actual return on plan assets 550,000 Number of years until vesting of benefits 5 years Contributions made during the year 750,000 Actuarial gain on plan assets ? Actuarial gain on benefit obligation 70,000 What was the balance of the retirement benefit asset/liability at January 1, 2019?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