Reference no: EM132555074
The record of Go Company for its defined benefit plan shows the following balances:
Plan assets, January 1, 2X16 P5,000,000
Defined benefit obligation, January 1, 2X16 5,800,000
2X16 information:
Current service cost 800,000
Discount rate 10%
Contributions made 1,850,000
Benefits paid 440,000
Past service cost as a result of a plan amendment 2,800,000
Plan assets, at fair value, December 31, 2X16 7,710,000
Defined benefit obligation, remeasured at December 31, 2X16 9,600,000
Required:
Question 1: Using defined benefit plan worksheet, compute for the following (3 items x 5 points):
- Retirement benefit expense to be reported in profit or loss section;
- Remeasurement of defined benefit liability (net actuarial gain) in other comprehensive income; and
- Defined benefit liability in statement of financial position.
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