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Prepare reconciliation of the balance determined

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Reference no: EM132513058

The memorandum records of Red Ribbon Trading Corporation on January 1, 2018 show the following:

Defined Benefit Obligation P3,000,000

Fair Value of Plan Assets P2,600,000

The following information for 2018 is also provided:

2018 service cost P1,000,000

Discount rate 10%

Actual return on plan assets 640,000

Benefits paid 600,000

Contributions made 2,000,000

Past service cost 800,000

Question 1: The benefit obligation as measured by the actuary at December 31, 2018 has a present value of P11,050,000

  1. Balance of the defined benefit asset or liability as of December 31, 2018.
  2. Reconciliation of the balance determined

Reference no: EM132513058

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