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What amount should be recognized as employee benefit expense

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Reference no: EM133105161

Question - On January 1, 2019 ABC provided the following information related to its employees' other long term benefits for the year ended December 31, 2019:

Current service cost - P30,000

Benefits paid - 31,000

Contribution to the fund - 21,000

Fair value of plan assets:

January 1 - 2,100,000

December 31 - 2,400,000

Present value of the liability

January 1 - 2,200,000

December 31 - 2,500,000

Past service cost for the current year - 115,000

On January 1, 2019, the discount rate of return is 5%, and 6% on January 1, 2020. What amount should be recognized as employee benefit expense in income statement for the current year?

Reference no: EM133105161

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