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How much is the prepaid or accrued benefit

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Question - Bravo Company provides retirement benefits to employees through defined contribution plan. The plan provides that Bravo Company shall contribute annually 11.88% of gross payroll to a funding agency. In addition, the entity is also required to contribute 5.25% of annual sales exceeding P15,000,000. During 2021, gross payroll of the company was P6,500,000 and total sales amounted to P32M.

Required -

1. How much is the retirement benefit expense taken to profit or loss for the year 2021?

2. Assuming that during 2021, the company contributed P1,700,000 to the trustee. How much is the prepaid or accrued benefit arising from the transaction?

Reference no: EM133177425

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