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What balance of benefit obligation will be determined

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Reference no: EM132551961

JunJun 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 $11,000,000

Fair value of plan assets, 1/1 10,500,000

Current service cost 1,000,000

Past service cost 2,000,000

Actual return on plan assets 600,000

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

Discount rate 8%

Requirements:

Question a. In the working papers computations, what balance of plan assets will be determined?

Question b. In the working papers computations, what balance of benefit obligation will be determined?

Question c. Calculate the amount that the entity would recognize in profit or loss for the year in accordance with the revised IAS 19.

Question d. Calculate the amount that the entity would recognize in other comprehensive income for the year in accordance with the revised IAS 19.

Reference no: EM132551961

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