The following facts relate to the Lional Co. postretirement benefits plan for 2021: · Service cost- P136,000 · Discount rate- 9% · Post-employment benefit obligation, January 1, 2021- P1,200,000 · Benefit payments to employees- P92,000 The amount of postretirement expense for 2021 is?
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The following facts relate to the Lional Co. postretirement benefits plan for 2021:
· Service cost- P136,000
· Discount rate- 9%
· Post-employment benefit obligation, January 1, 2021- P1,200,000
· Benefit payments to employees- P92,000
The amount of postretirement expense for 2021 is?
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- 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?Happy Woolly Inc. provides the following information about its postretirement benefit plan for the year 2019. (In Euros) Service cost €90,000 Contribution to the plan €56,000 Actual return on plan assets €2,000 Benefits paid € 40,000 Plan assets at January 1, 2019 €710,000 Defined postretirement benefit obligation at January 1, 2019 €760,000 Accumulated OCI (Loss) at January 1, 2019 100 (Dr-Loss) Discount (interest) rate 9% Required: Compute the postretirement benefit expense for 2019 and give your explanation!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?
- On January 1, 2021, Pharoah Co. has the following balances: Projected benefit obligation Fair value of plan assets Service cost The settlement rate is 11%. Other data related to the pension plan for 2021 are: $3700000 Benefits paid Actual return on plan assets Amortization of net gain 3200000 Amortization of prior service costs due to increase in benefits Contributions O $3644000. O $3890000. O $4115000. O $3700000. The fair value of plan assets at December 31, 2021 is $320000 108000 520000 245000 415000 34000The following information is related to the defined benefit pension plan of a company for 2021. Amortization of prior service cost $176,000 Contributions to the plan 123,000 Expected return on plan assets 279,000 Interest on projected benefit obligation 327,000 Service cost 634,000 Actual return on plan assets 248,000 Amortization of net (or OCI) gain 85,700Pension expense for 2021 is $__________.On January 1, 2021, Cullumber Co. has the following balances: Projected benefit obligation Fair value of plan assets Service cost The settlement rate is 11%. Other data related to the pension plan for 2021 are: $3550000 Benefits paid Actual return on plan assets Amortization of net gain 3050000 Amortization of prior service costs due to increase in benefits Contributions O $3987500. O $3940500. O $4241500. O $4015500. $301000 101000 501000 226000 The balance of the projected benefit obligation at December 31, 2021 is 396000 30100
- At January 1, 2019, XYZ Company had plan assets of €250,000 and a defined benefit obligation of the same amount. During 2019, service cost was €27,500, the discount rate was 10%, actual and expected return on plan assets were €25,000, contributions were €20,000, and benefits paid were €17,500. Based on this information what would be the defined benefit obligation for XYZ Company for 2019? Select one: a. €27,500 b. €285,000 c. €277,500 d. €302,500Sarasota Importers provides the following pension plan information. Fair value of pension plan assets, January 1, 2020 $2,219,000 Fair value of pension plan assets, December 31, 2020 2,547,000 Contributions to the plan in 2020 287,000 Benefits paid retirees in 2020 361,000 From the data above, compute the actual return on the plan assets for 2020. Actual return on plan assets for 2020The 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?
- Marin Importers provides the following pension plan information. Fair value of pension plan assets, January 1, 202O $2,575,000 Fair value of pension plan assets, December 31, 2020 2,914,000 Contributions to the plan in 202O 299,000 Benefits paid retirees in 2020 366,000 From the data above, compute the actual return on the plan assets for 2020. Actual return on plan assets for 2020 %24The following information relates to the pension plan of Brown company.Defined benefit obligation, January 1, 2020 - P 4,000,000Fair value of plan assets, January 1, 2020 - 3,600,000The following information is for the year 2021:Contributions to the plan - P1,000,000Benefits paid - 500,000Discount rate - 10%Service cost for year 2021 - 1,200,000Actual return on plan assets - 400,000Actuarial loss on defined benefit obligation - 150,000 How much is the retirement benefit expense for the year 2021?A company had the following information at the end of 2021: Accumulated benefit obligation $162,000 Projected benefit obligation 320,000 Accumulated OCI – losses 74,500 Accumulated OCI – Prior Service Cost (PSC) 21,800 Fair value of pension plan assets 277,000 The amount reported as the pension asset/liability at December 31, 2021 is $__________________. (Just enter the amount. Do NOT put a plus or minus sign in front of the amount.)
