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How much is the retirement benefit expense for the year

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Reference no: EM133234251

1. Brown Corporation owns an office building and leases the offices under a one-year rental agreement.  Not all tenants make timely payments of their rent.  The following information were from the company's records.

2020: Rental receivable - P96,000
2021: Rental receivable - P124,000
2020: Unearned rentals - P320,000
2021: Unearned rentals - P240,000

During the year 2021, Brown received rental payments of P800,000 from its tenants. Under the accrual basis, how much is the rental revenue of Brown Corporation for the year 2021? 

2.The following information relates to the pension plan of Brown company.

Defined benefit obligation, January 1, 2020 - P 4,000,000
Fair value of plan assets, January 1, 2020 - 3,600,000

The following information is for the year 2021:

Contributions to the plan - P1,000,000
Benefits paid - 500,000
Discount rate - 10%
Service cost for year 2021 - 1,200,000
Actual return on plan assets - 400,000
Actuarial loss on defined benefit obligation - 150,000

How much is the retirement benefit expense for the year 2021?

Reference no: EM133234251

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