Reference no: EM133060055
Question - The following are the relevant figures on the defined benefit plan of Mango Company: Fair Value of Plan Assets, January 1 - P4,100,000 Projected Benefit Obligation, January 1 - 3,800,000 Asset Ceiling, January 1 - 200,000 Asset Ceiling, December 31 - 375,000 Contributions made during the period - 235,000 Payment made for settlement of obligations - 114,000 Past Service Costs - 14,000 Current Service Costs - 142,000 Loss on Settlement - 13,000 Interest Income on Plan Assets - 430,500 Re-measurement Gain on Plan Assets - 81,500 Actuarial Gain - 31,000
-How much is the surplus as of yearend?
-How much is the effect of asset ceiling as of yearend?
-What amount should be reported under profit or loss?
-What amount should be reported under other comprehensive income? [Indicate whether it is a gain or loss]
-How much is the defined benefit cost for the period?
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