B. An entity provided the following information during the current year: January 1 6,000,000 December 31 Fair value of plan assets Projected benefit obligation Prepaid/accrued benefit cost – surplus Asset ceiling Effect of asset ceiling 9,000,000 4,500,000 5,000,000 1,500,000 4,000,000 1,000,000 500,000 2,500,000 1,500,000| During the year, the entity recognized current service cost P2,000,000, actual return on plan assets P400,000, and contribution to the plan P4,550,000 and benefits paid P1,950,000. The discount rate is 10%
B. An entity provided the following information during the current year: January 1 6,000,000 December 31 Fair value of plan assets Projected benefit obligation Prepaid/accrued benefit cost – surplus Asset ceiling Effect of asset ceiling 9,000,000 4,500,000 5,000,000 1,500,000 4,000,000 1,000,000 500,000 2,500,000 1,500,000| During the year, the entity recognized current service cost P2,000,000, actual return on plan assets P400,000, and contribution to the plan P4,550,000 and benefits paid P1,950,000. The discount rate is 10%
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Compute the employee benefit expense for the current year, net remeasurement loss for the current year, defined benefit cost and the amount of prepaid benefit cost that should be reported on December 31
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