The memorandum records of Galindez Trading at January 1, 2021 show the following data: Define Benefit Obligation2,600,000Fair value of plan asset3,000,000 The following information for 2021 is also provided: Service cost800,000Actual return on plan assets300,000Benefits paid350,000Contributions to the plan780,000Actuarial loss on remeasurement of defined benefit obligation100,000Discount rate9% How much is the retirement benefit cost that is taken to other comprehensive income for the year 2021? Group of answer choices 130,000 loss 70,000 gain 70,000 loss 130,000 gain

Retirement benefit-cost taken to other comprehensive income for the year 2021 = Change in Return on…

Answered: The memorandum records of Galindez…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The memorandum records of Galindez Trading at January 1, 2021 show the following data: Define Benefit Obligation 2,600,000 Fair value of plan asset 3,000,000 The following information for 2021 is also provided: Service cost 800,000 Actual return on plan assets 300,000 Benefits paid 350,000 Contributions to the plan 780,000 Actuarial loss on remeasurement of defined benefit obligation 100,000 Discount rate 9% How much is the net prepaid/accrued defined benefit cost that was shown on December 31, 2020 balance sheet?
Use the following information for the next four (4) questions: The memorandum records of Galinde Trading at January 1, 2021 show the following data: Define Benefit Obligation 2,600,000 Fair value of plan asset 3,000,000 Service cost 800,000 Actual return on plan assets 300,000 Benefits paid 350,000 Contributions to the plan 780,000 Actuarial loss on remeasurement of defined benefit obligation 100,000 Discount rate 9% What is the balance of Benefit Obligation at December 31, 2021?
The memorandum records of Galindez Trading at January 1, 2021 show the following data: Define Benefit Obligation 2,600,000 Fair value of plan asset 3,000,000 The following information for 2021 is also provided: Service cost 800,000 Actual return on plan assets 300,000 Benefits paid 350,000 Contributions to the plan 780,000 Actuarial loss on remeasurement of defined benefit obligation 100,000 Discount rate 9% How much is the net defined benefit liability/asset that will be shown on December 31, 2021 statement of financial position?
Use the following information for the next four (4) questions: The memorandum records of Galinde Trading at January 1, 2021 show the following data: Define Benefit Obligation 2,600,000 Fair value of plan asset 3,000,000 Service cost 800,000 Actual return on plan assets 300,000 Benefits paid 350,000 Contributions to the plan 780,000 Actuarial loss on remeasurement of defined benefit obligation 100,000 Discount rate 9% 1. How much is the net prepaid/accrued defined benefit cost that was shown on December 31, 2020 balance sheet? use negative sign (-) if accrued.
Use the following information for the next four (4) questions: The memorandum records of Galinde Trading at January 1, 2021 show the following data: Define Benefit Obligation 2,600,000 Fair value of plan asset 3,000,000 Service cost 800,000 Actual return on plan assets 300,000 Benefits paid 350,000 Contributions to the plan 780,000 Actuarial loss on remeasurement of defined benefit obligation 100,000 Discount rate 9% 2. How much is the retirement benefit expense taken to profit or loss for the year 2021?
Use the following information for the next four (4) questions: The memorandum records of Galinde Trading at January 1, 2021 show the following data: Define Benefit Obligation 2,600,000 Fair value of plan asset 3,000,000 Service cost 800,000 Actual return on plan assets 300,000 Benefits paid 350,000 Contributions to the plan 780,000 Actuarial loss on remeasurement of defined benefit obligation 100,000 Discount rate 9% How much is the retirement benefit cost that is taken to other comprehensive income for the year 2021?
Strangers & Co. has gathered the following information for its defined benefit plan in 2020:· Projected Benefit Obligation, 1/1/2020: P3,000,000· Projected Benefit Obligation, 12/31/2020: P3,355,000· Fair value of plan assets, 1/1/2020: P1,600,000· Fair value of plan assets, 12/31/2020: P2,260,000Current service cost for the year is P155,000, contributions to the fund totaled P500,000, and the actual return and interest income on the plan asset was P160,000. No benefits are paid during 2020. During the year, there was a decrease only in the projected benefit obligation due to revision of actuarial assumptions. How much should be recognized as Retirement/Employee Benefit Expense for 2020? a. 195,000 b. 295,000 c. 795,000 d. 500,000
Use the following information for the next five (5) questions: The memorandum records of Galindez Trading at January 1, 2021 show the following data: Define Benefit Obligation 2,600,000 Fair value of plan asset 3,000,000 The following information for 2021 is also provided: Service cost 800,000 Actual return on plan assets 300,000 Benefits paid 350,000 Contributions to the plan 780,000 Actuarial loss on remeasurement of defined benefit obligation 100,000 Discount rate 9% 25) How much is the net prepaid/accrued defined benefit cost that was shown on December 31, 2020 balance sheet? A. 400,000 prepaid B. 400,000 accrued C. 346,000 prepaid D. 346,000 accrued 26) How much is the retirement benefit expense taken to profit or loss for the year 2021? A. 836,000 B. 834,000 C. 764,000 D. 694,000 27) How much is the retirement benefit cost that is taken to other comprehensive income for the year 2021? A. 130,000 gain B. 130,000 loss C. 70,000 gain D. 70,000 loss 28) What are the balances of…
The memorandum records of Galindez Trading at January 1, 2021 show the following data: Define Benefit Obligation 2,600,000 Fair value of plan asset 3,000,000 The following information for 2021 is also provided: Service cost 800,000 Actual return on plan assets 300,000 Benefits paid 350,000 Contributions to the plan 780,000 Actuarial loss on remeasurement of defined benefit obligation 100,000 Discount rate 9% How much is the retirement benefit cost that is taken to other comprehensive income for the year 2021?
Crane Company provides the following information about its defined benefit pen plan for the year 2025. (a) Prepare a pension worksheet inserting January 1, 2025, balances, showing December 31. 2025. (Enter all amounts as positive.)
On December 31, 2020, GHI Company had the following balances in its memorandum records related to its defined benefit plan:· Fair value of plan assets- P10,000,000· Benefit obligation- P12,000,000 Other relevant information relating to the plan for 2021 follows:· Current service cost- P2,000,000· Past service cost- P1,300,000· Actual return on plan assets- P1,500,000· Actuarial gain on benefit obligation- P400,000· Actuarial gain on plan assets- P500,000· Present value of benefits settled- P900,000· Settlement price- P800,000· Contribution to the plan- P3,100,000· Discount rate- 12% How much is the employee benefit expense taken to profit or loss during 2021?
On January 1, 2021 STAR Company provided the following data in connection with the defined benefit plan: Fair value of plan assets –₱6,700,000; Projected benefit obligation –₱7,600,000. The accountant revealed the following information for the current year: Current service cost –₱1,750,000; Past service cost –₱300,000; Discount rate – 10%; Expected return on plan assets – 12%; Actual return on plan assets –₱500,000; Contributions to the plan –₱2,000,000; Benefit paid to retirees –₱1,250,000. What is the employee benefit expense on December 31, 2021?

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The memorandum records of Galindez Trading at January 1, 2021 show the following data:

Define Benefit Obligation	2,600,000
Fair value of plan asset	3,000,000

The following information for 2021 is also provided:

Service cost	800,000
Actual return on plan assets	300,000
Benefits paid	350,000
Contributions to the plan	780,000
Actuarial loss on remeasurement of defined benefit obligation	100,000
Discount rate	9%

How much is the retirement benefit cost that is taken to other comprehensive income for the year 2021?
Group of answer choices
130,000 loss
70,000 gain
70,000 loss
130,000 gain