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What is the net benefit expense

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Question - Farmer Inc. received the following information from its pension plan trustee concerning the operation of the company's defined benefit pension plan for the year ended December 31, 2016:

Dec 31, 2015 Dec 31, 2016

Market Value of Plan Assets 3,500,000 3,750,000

Accumulated benefit obligation 4,000,000 4,300,000

Unrecognized net (gains) and losses - (75,000)

Unrecognized prior costs 500,000 450,000

The service cost component of pension expense for 2016 is Php 300,000 and the amortization of unrecognized prior service cost is Php 50,000. The settlement rate is 10% and the expected rate of return is 8%.

Required - What is the net benefit expense for 2016?

Reference no: EM132799292

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