Reference no: EM133166969
Question - Midnight Black Company provides retirement benefits to employees through defined benefit plan. The trustee administering the plan and your analysis of the plan provided the following information for the year ended December 31, 2016:
Plan assets at fair value, 12/31/19 P1,250,000
Benefit obligation, 12/31/19 1,350,000
Midnight Black Company's contribution during 2020 2,360,000
Service cost for 2020 2,000,000
Discount rate 9%
Actuarial loss on defined benefit obligation 50,000
Actuarial loss on plan assets 2,000
Past service cost because of plan amendment 300,000
Benefits paid 120,000
Required -
(a) Record the retirement benefit cost and the funding for the year 2020.
(b) Determine the balance of defined benefit liability (asset) as of December 31, 2020.
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