Reference no: EM132845992
Questions -
Q1. Milky Way Company had the following balances relating to the defined benefit plan at year-end:
Fair value of plan assets- P37,000,000
Benefit obligation- P33,000,000
Asset ceiling- P2,500,000
What is the prepaid benefit cost at the year-end?
Q2. Mars Company had a noncontributory defined benefit pension plan. On December 31, 2021, the entity received the defined benefit obligation report from the independent actuary.
Benefits paid- P135,000
Benefit obligation, Dec. 31, 2021- P2,160,000
Interest expense- P120,000
Discount rate- 8%
What is the current service cost for 2021?
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