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How much is defined benefit cost to recognized in profit

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Reference no: EM133115062

Question - The following data is available for Mustang Company's defined plan for the year 2019:

Benefit obligation, January 1 P10,500,000

Fair Value of Plan asset, January 1 11,600,000

Current service cost 3,100,000

Discount rate 12%

Benefits paid to retirees 1,800,000

Contribution to the Plan 2,450,000

Actual return on plan assets 1,500,000

Decrease in benefit obligation due to re-measurements 400,000

Past service cost 500,000

Final settlement payments 470,000

Present value of settled benefit obligation 550,000

Required -

a. How much is defined benefit cost to recognized in profit or loss in 2019?

b. How much is the defined cost to be recognized in other comprehensive income in 2019?

c. What is the prepaid/accrued benefit cost at December 31, 2019?

Reference no: EM133115062

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