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Determine the actual return on pension plan assets

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Reference no: EM133166973

Question - The White Flower Company showed in its memorandum records the following balances:

Fair value of pension plan assets, Jan. 1, 2020 P4,600,000

Fair value of pension plan assets, Dec. 31, 2020 4,950,000

Contributions to the plan in 2020 500,000

Benefits paid to retirees in 2020 700,000

Interest cost used by the entity 10%

Required -

(a) Determine the actual return on pension plan assets.

(b) Determine the amount of actuarial gain or loss that will be taken to other comprehensive income.

Reference no: EM133166973

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