Reference no: EM132903460
Question - The following information relates to the defined benefit pension plan of ABC Company for the year ending December 31, 2020:
Benefit Obligation, Jan 1 = 8,000,000
Fair Value of Plan Assets, Jan 1 = 9,500,000
Current Service Cost = 3,600,000
Actual Return on Plan Assets = 1,200,000
Employer Contribution = 3,300,000
Discount Rate = 10%
Accrual Loss on remeasurement of benefit obligation = 120,000
Required -
1. What is the balance of prepaid (accrued) retirement benefit cost at December 31, 2020?
2. What is the fair value of plan assets at December 31, 2020?
3. How much is total defined benefit cost for the year 2020?
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