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What amount of net remeasurement gain and loss be reported

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Question - The following date relate to the defined benefit plan of Bronson Company for the year ended December 31, 2020:

Present value of benefit obligation, January 1, 2020- P15,000,000

Fair Value of plan asset, January 2, 2020- P14,000,000

Contribution during the year- P1,050,000

Current service cost- P800,000

Benefits paid during the year- P1,500,000

Present value of benefit obligation, December 31, 2020- P17,000,000

Fair value of plan asset, December 31, 2020- P4,920,000

Discount rate- 6%

Expected rate of return- 7%

Required - What amount of net remeasurement gain and loss should be reported in the other comprehensive income?

Reference no: EM133037984

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