Solution-What is the employee benefit expense for the

What is the employee benefit expense for the current year

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Reference no: EM133104805

Question - An entity provided the following information during the current year:

	January 1	December 31
Fair value of plan assets	6,000,000	8,500,000
Projected benefit obligation	5,000,000	6,500,000
Prepaid benefit cost- surplus	1,000,000	2,000,000
Asset ceiling	700,000	1,200,000
Effect of asset ceiling	300,000	800,0000

During the year, the entity recognized current service cost of P1,000,000, actual return on plan assets of P400,000 and contribution to the plan of P2,100,000. The discount rate is 10%

Required -

a. What is the employee benefit expense for the current year?

b. What is the net remeasurement loss for the current year?

c. What is the defined benefit cost?

Reference no: EM133104805

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What is the employee benefit expense for the current year

Reference no: EM133104805

Reference no: EM133104805

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