Reference no: EM132969574
Question - The memorandum records of the Company at January 1, 2021 show the following data:
Define Benefit Obligation - 2,600,0000
Fair value of plan asset - 3,000,000
The following information for 2021 is also provided:
Service cost - 800,000
Actual return on plan assets- 300,000
Benefits paid - 350,000
Contributions to the plan - 780,000
Actuarial loss on remeasurement of defined benefit obligation - 100,000
Discount rate - 9%
a. How much is the net prepaid/accrued defined benefit cost that was shown on December 31, 2020 balance sheet? use negative sign if accrued
b. How much is the retirement benefit expense taken on profit or loss for the year 2021?
c. How much is the retirement benefit cost that is taken to other comprehensive income for the year 2021?
d. What is the balance of Benefit Obligation at December 31, 2021?
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