Reference no: EM133111927
Question - At the beginning of the current year, the memorandum of records of Mimi Company shows the following information:
Fair value of plan assets P6,000,000
Projected benefit obligation 7,000,000
Prepaid/Accrued benefit-cost P -1,000,000
During the current year, the following transactions are:
Current service cost P1,000,000
Past service cost 200,000
Actual return on plan assets 800,000
Contribution to the plan 1,100,000
Benefits paid 500,000
Actuarial loss due to increase in PBO 800,000
Discount rate 10%
Required -
1. How much is the Employee benefits expense?
2. How much is the Net re-measurement loss?
3. How much is the Accrued benefit-cost during the year?
4. How much is the ending balance of the Fair value of plan asset (FVPA)?
5. How much is the ending balance of the Projected Benefit Obligation (PBO)?
6. What are the related journal entries?
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