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How much is the defined benefit cost for the period

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Reference no: EM132946516

Information on Bates Corp.'s defined benefit plan follows:

Fair value of plan assets, January 1- P1,620,000

Present value of defined benefit obligation, January 1- P1,800,000

Vested past service cost- P180,000

Unvested past service cost (vesting period is 5 years)- P270,000

Current service cost- P540,000

Benefits paid to retirees during the year- P360,000

Net loss on settlement of plan during the year- P45,000

Actuarial gains during the period- P18,000

Return on plan assets during the period- P108,000

Discount rate-11%

Problem 1: How much is the defined benefit cost for the period?

Reference no: EM132946516

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