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Determine the amounts of other comprehensive income

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Reference no: EM132614731

Question - Dubidubi Co. provides the following information related to its defined benefit pension plan.

Balances or Values at December 31, 2019

Defined benefit obligation P2,729,907

Fair value of plan assets 2,278,329

Accumulated OCI-Net loss (1/1/19 balance, -0-) 1,700

Other pension plan data:

Service cost for 2019 94,000

Actual return on plan assets in 2019 130,000

Interest on January 1, 2019, defined benefit obligation 157,127

Contributions to plan in 2019 93,329

Benefits paid 140,000

Discount (interest) rate 6%

Instructions -

a. Prepare the note disclosing the components of pension expense for the year 2019.

b. Determine the amounts of other comprehensive income and comprehensive income for 2019. Net income for 2019 is P35,000.

c. Compute the amount of accumulated other comprehensive income reported at December 31, 2019.

Reference no: EM132614731

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