Reference no: EM133173735
Question - The following information is available for Silver's defined benefit plan for the year 2021:
Benefit obligation, Jan 1 P9,000,000
Fair value of plan assets, Jan 1 10,000,000
Current service cost 2,700,000
Discount rate 10.5%
Benefits paid to retirees 2,200,000
Contribution to the plan 2,000,000
Actual return on plan asset 1,100,000
Net actuarial gain due to re-measurement of benefit obligation 400,000
Past service cost due to amendment of the benefit plan 500,000
Required -
1. What is Silver's benefit obligation on December 31, 2021?
2. How much is the retirement benefit expense for 2021 taken to profit or loss?
3. How much is the fair value of plan assets at December 31, 2021?
4. How much is the defined benefit liability/asset at December 31, 2021?
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