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
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 Benefit Obligation and Plan Asset at December 31, 2021?
Benefit obligation Plan asset Benefit obligation Plan asset
A. 3,184,000 3,730,000 C. 3,184,000 3,700,000
B. 3,384,000 3,700,000 D. 3,384,000 3,730,000
29) How much is the net defined benefit liability/asset that will be shown on December 31, 2021
of financial position?
A. 454,000 prepaid B. 454,000 accrued C. 346,000 prepaid D. 346,000 accrued
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
