New Corporation amends its pension plan on 1/1/20. The following information is available: 1/1/20 before amendment 1/1/20 after amendment Accumulated benefit obligation P 950,000 P1,425,000 Projected benefit obligation 1,300,000 1,900,000 The past service cost as a result of this amendment is Group of answer choices P475,000 P600,000 P125,000 P950,000
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6.
New Corporation amends its pension plan on 1/1/20. The following information is available:
|
|
1/1/20 before amendment |
1/1/20 after amendment |
|
Accumulated benefit obligation |
P 950,000 |
P1,425,000 |
|
Projected benefit obligation |
1,300,000 |
1,900,000 |
The past service cost as a result of this amendment is
Group of answer choices
P475,000
P600,000
P125,000
P950,000
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- 5b. Indigo Company provides the following information about its defined benefit pension plan for the year 2020. Service cost $91,000 Contribution to the plan 104,000 Prior service cost amortization 9,400 Actual and expected return on plan assets 62,900 Benefits paid 39,900 Plan assets at January 1, 2020 630,400 Projected benefit obligation at January 1, 2020 701,800 Accumulated OCI (PSC) at January 1, 2020 153,000 Interest/discount (settlement) rate 10 % (b) Prepare the journal entry recording pension expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an…Corporation amends its pension plan on 1/1/20. The following information is available: 1/1/20 before amendment 1/1/20 after amendment Accumulated benefit obligation P 950,000 P1,425,000 Projected benefit obligation 1,300,000 1,900,000 The past service cost as a result of this amendment is A P125,000 B P475,000 C P950,000 D P600,000New Corporation amends its pension plan on 1/1/20. The following information is available: 1/1/20 before 1/1/20 after amendment amendment Accumulated benefit obligation P 950,000 P1,425,000 Projected benefit obligation 1,300,000 1,900,000 The past service cost as a result of this amendment is O P600,000 O P950,000 O P475,000 O P125,000
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- Rosaria Co. sponsors a defined benefit pension plan. For the current year ended December 31, thefollowing information relevant to the plan has been accumulated:Defined benefit obligation, 1/1 P11,250,000Fair value of plan assets, 1/1 10,500,000Current service cost 1,050,000Past service cost 2,200,000Actual return on plan assets 600,000Decrease in defined benefit obligation due tochanges in actuarial assumptions300,000Discount rate 8%Requirements:1. In the working papers computations, what balance of plan assets will be determined?2. In the working papers computations, what balance of benefit obligation will be determined?3. Calculate the amount that the entity would recognize in profit or loss for the year in accordancewith the revised PAS 19.4. Calculate the amount that the entity would recognize in other comprehensive income for theyear in accordance with the revised PAS 19.The following information is available for BDM Corporation's defined benefit pension plan: Defined benefit obligation, opening balance, accounting basis Fair value of plan assets Current service cost Discount rate Actual return earned on plan assets Contributions (funding) Benefits paid to retirees (a) 2023 2024 Your answer is partially correct. 2025 Asset/Liability Llability Liability Liability $ $ 2023 175.000 165,000 35,000 $ 7% Amount 8% 44,000 24,800 2024 On January 1, 2023, BDM amended its pension plan, resulting in past service costs with a present value of $78,200. ? ? $47,250 7% 6% Calculate the pension plan's surplus or deficit and the pension liability or asset reported on the December 31, 2023, 2024, and 2025 statements of financial position assuming that BDM accounts for its pension plan under ASPE. (Round answers to O decimal places, e.g. 5,275.) 44,000 25,000 2025 ? ? $52,500 7% 7% 44,000 28,400The following defined pension data of Doreen Corp. apply to the year 2020. Defined benefit obligation, 1/1/20 (before amendment) $560,0000Cr. Plan assets, 1/1/20 546,2000Cr. Pension asset/liability 13,8000Cr. On January 1, 2020, Doreen Corp., through plan amendment, grants past service benefits having a present value of 120,0000Cr. Discount rate 9%0Cr. Service cost 58,0000Cr. Contributions (funding) 65,0000Cr. Actual return on plan assets 49,1580Cr. Benefits paid to retirees 40,0000Cr. Instructions For 2020, prepare a pension worksheet for Doreen Corp. that shows the journal entry for pension expense and the year-end balances in the related pension accounts.
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