Reference no: EM133086113
Question - RED VELVET Company obtained the following information at the beginning of the current year prior to the adoption of PAS 19R:
Projected benefit obligation 9,000,000
Fair value of plan assets 10,000,000
Unrecognized actuarial loss 1,500,000
During the current year, the actuary determined the current service cost at P2,500,000 and the discount rate at 10%. The actual return on plan assets was P1,200,000.
Contribution to the plan amounted to P500,000. The actuarial loss due to increase in PBO during the year was P900,000 and the average remaining service period is 10 years.
Required -
1. What is the employee benefit expense?
2. What is the net remeasurement gain or loss?
3. What is the prepaid or accrued benefit cost at year-end?
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