Please put all of the necessary information and computations for better understanding. Thank you. 10. Porgy Co.'s retirement plan requires a P250,000 annual contribution to a fund held by a thirdparty trustee. The fund is legally separate from Porgy Co. and is available solely for the paymentof the retirement benefits of Porgy's employees. At the beginning 2019, the fund balance isP2,800,000. In its December 31, 2018 and December 31, 2019 statements of financial position,Porgy reported accrued payable for retirement benefits of P30,000 and P80,000, respectively.Payments to retiring employees during 2019 totaled P750,000. How much is the retirementbenefits expense in 2019?a. 250,000b. 700,000с. 750,000d. 800,00011. The actuarial valuation report of an entity shows the following information:Present value of defined benefit obligation, Jan. 1340,00030,000Current service costDiscount rate10%Benefits paid to retireesActuarial gain100,00060,000How much is the year-end balance of the present value of defined benefit obligation?d. 364,000а. 210,000b. 244,000c. 304,00012. The actuarial valuation report of an entity shows the following information:Present value of defined benefit obligation, Jan. 1280,000Discount rate14%Benefits paid to retireesActuarial gainPresent value of defined benefit obligation, Dec. 3190,00060,000210,000How much is the current service cost?b. 40,800b. 44,800c. 48,200d. 79,200

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10. Porgy Co.'s retirement plan requires a P250,000 annual contribution to a fund held by a third party trustee. The fund is legally separate from Porgy Co. and is available solely for the payment of the retirement benefits of Porgy's employees. At the beginning 2019, the fund balance is P2,800,000. In its December 31, 2018 and December 31, 2019 statements of financial position, Porgy reported accrued payable for retirement benefits of P30,000 and P80,000, respectively. Payments to retiring employees during 2019 totaled P750,000. How much is the retirement benefits expense in 2019? a. 250,000 b. 700,000 c. 750,000 d. 800,000

10. Porgy Co.'s retirement plan requires a P250,000 annual contribution to a fund held by a third party trustee. The fund is legally separate from Porgy Co. and is available solely for the payment of the retirement benefits of Porgy's employees. At the beginning 2019, the fund balance is P2,800,000. In its December 31, 2018 and December 31, 2019 statements of financial position, Porgy reported accrued payable for retirement benefits of P30,000 and P80,000, respectively. Payments to retiring employees during 2019 totaled P750,000. How much is the retirement benefits expense in 2019? a. 250,000 b. 700,000 c. 750,000 d. 800,000

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter19: Accounting For Post Retirement Benefits

Section: Chapter Questions

Problem 10P

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In 2019, Magenta Corporation paid compensation of 45,300 to the participants in a profit sharing plan. During 2019, Magenta Corporation contributed 13,200 to the plan. a. Calculate Magentas deductible amount for 2019. b. Calculate the amount of any contribution carryover from 2019.
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Porgy Co.’s retirement plan requires a P250,000 annual contribution to a fund held by a third party trustee. The fund is legally separate from Porgy Co. and is available solely for the payment of the retirement benefits of Porgy’s employees. At the beginning 2019, the fund balance is P2,800,000. In its December 31, 2018 and December 31, 2019 statements of financial position, Porgy reported accrued payable for retirement benefits of P30,000 and P80,000, respectively. Payments to retiring employees during 2019 totaled P750,000. How much is the retirement benefits expense in 2019? 250,000 b. 700,000 c. 750,000 d. 800,000
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