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What balance of benefit obligation determined by mukbang co

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Reference no: EM132551963

MUKBANG Co. sponsors a defined benefit pension plan. For the current year ended December 31, the following information relevant to the plan has been accumulated:

Defined benefit obligation, 1/1 $10,000,000

Fair value of plan assets, 1/1 9,000,000

Current service cost 1,000,000

Past service cost 2,000,000

Gain on settlement 500,000

Increase in defined benefit obligation due to changes in actuarial assumptions 800,000

Discount rate 7%

Requirements:

Question a. Calculate the amount that the entity would recognize in profit or loss. (Service costs & Net Interest)

Question b. Calculate the amount that the entity would recognize in other comprehensive. (Remeasurement)

Question c. In the working papers computations, what balance of plan assets will be presented by Mukbang Co on December 31?

Question d. In the working papers computations, what balance of benefit obligation will be determined by Mukbang Co on December 31?

Reference no: EM132551963

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