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How much is the accrued defined benefit cost

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Reference no: EM132902680

Question - The memorandum records of ABC Company at January 1, 2020 show the following:

Defined benefit obligation = 2,600,000

Fair value of plan assets = 3,000,000

The following information for 2020 is also provided:

Service cost = 800,000

Discount rate = 9%

Actual return on plan assets = 300,000

Benefit paid = 350,000

Contributions to the plan = 780,000

Actuarial loss on remeasurement of defined benefit obligation = 100,000

Required -

1. How much is the defined benefit cost taken to profit or loss for the year 2020?

2. How much is the balance of the defined benefit obligation at December 31, 2020?

3. How much is the net prepaid/ accrued defined benefit cost that was shown on December 31, 2019 statement of financial position?

4. How much is the defined benefit cost taken to other comprehensive income for the year 2020?

Reference no: EM132902680

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