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: EM133105586

Question - An entity provided the following pension plan information: Projected benefit obligation - January 1 P3,500,000;

Fair value of plan assets - January 1 P2,800,000;

Pension benefits paid during the year P250,000;

Current service cost for the year P1,750,000;

Past service cost for the year (vesting period 5 years) P425,000;

Actual return on plan assets P180,000;

Contribution to the plan P1,500,000;

Actuarial loss due to change in assumptions on projected benefit obligation P200,000;

Discount or settlement rate 10%.

Required -

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

b. What is the net re-measurement loss for the current year?

c. what is the projected benefit obligation on December 31?

d. What is the fair value of plan assets on December 31?

e. What amount should be reported as accrued benefit cost on December 31?

Reference no: EM133105586

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What is the employee benefit expense for the current year

Reference no: EM133105586

Reference no: EM133105586

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