CHOOSE THE LETTER OF THE CORRECT ANSWERWhat is the employee benefit expense for the current year? a. 1,180,000b. 2,100,000c. 1,850,000d. 1,050,000 What is the remeasurement gain or loss on plan assets on Dec. 31? a. 670,000 gainb. 670,000 lossc. 650,000 gaind. 650,000 loss On Jan. 1 of the current year, Micro Company had a projected benefit obligation ofPhp10,000,000 and a pension fund with a fair value of Php9,200,000. There was nounrecognized past service cost nor were there deferred pension gains or losses.The following information relates to the pension plan during the current year:Service Cost1,200,000.00Actual return on the pension fundBenefits paid to retireesContribution to the pension fund250,000.001,100,000.001,050,000.00Discount rate for PBO9%Expected return on pension fund10%

Acuturial gan or loss refers to an increase or decrease in the projections used to value a…

CHOOSE THE LETTER OF THE CORRECT ANSWER What is the employee benefit expense for the current year? a. 1,180,000 b. 2,100,000 c. 1,850,000 d. 1,050,000 What is the remeasurement gain or loss on plan assets on Dec. 31? a. 670,000 gain b. 670,000 loss

CHOOSE THE LETTER OF THE CORRECT ANSWER What is the employee benefit expense for the current year? a. 1,180,000 b. 2,100,000 c. 1,850,000 d. 1,050,000 What is the remeasurement gain or loss on plan assets on Dec. 31? a. 670,000 gain b. 670,000 loss

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 7RE

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Concept explainers

Employee Benefits

In an organization employees are the most important resource and most important asset. They can lead an organization to the sky or can be the reason for unsuccessful of business. Therefore, it is very much important that employees of an organization should be satisfied by the environment of the organization and most importantly with the salary, wages incentives, etc.

Question

CHOOSE THE LETTER OF THE CORRECT ANSWER

What is the employee benefit expense for the current year?

a. 1,180,000
b. 2,100,000
c. 1,850,000
d. 1,050,000

What is the remeasurement gain or loss on plan assets on Dec. 31?
a. 670,000 gain
b. 670,000 loss
c. 650,000 gain
d. 650,000 loss

On Jan. 1 of the current year, Micro Company had a projected benefit obligation of
Php10,000,000 and a pension fund with a fair value of Php9,200,000. There was no
unrecognized past service cost nor were there deferred pension gains or losses.
The following information relates to the pension plan during the current year:
Service Cost
1,200,000.00
Actual return on the pension fund
Benefits paid to retirees
Contribution to the pension fund
250,000.00
1,100,000.00
1,050,000.00
Discount rate for PBO
9%
Expected return on pension fund
10%

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