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What amount should lee report as employee benefit expense

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Problem 1: The following information pertains to Lee Corp.'s defined benefit plan for 2019. The composition of the defined benefit cost is as follows: Current service cost -P160,000; Actual return on plan assets-P35,000; Benefits paid to retirees -P70,000; Annual interest on projected obligation-P55,000. What amount should Lee report as employee benefit expense in its 2019 income statement?

Reference no: EM132696386

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