Reference no: EM133094701
Question - Jarvis Corp. reported a prepaid benefit cost of P1,500,000 on January 1, 2019. The entity provided the following information related to a defined benefit plan during the current year:
Current service cost 3,000,000
Actual return on plan assets 1,200,000
Interest cost 800,000
Settlement price of benefit obligation paid in advance 500,000
Present value of benefit obligation paid in advance 600,000
Interest income 1,000,000
Actuarial loss in PBO 400,000
Past service cost 500,000
Benefits paid to retirees 2,500,000
Contribution to the plan 4,000,000
Projected benefit obligation - January 1 8,000,000
Fair value of plan assets - January 1 10,000,000
Asset ceiling - January 1 1,500,000
Asset ceiling - December 31 2,000,000
Discount rate 10%
Required -
1. What is the 2019 benefit expense?
2. What is the fair value of the plan asset at December 31?
3. What is the projected benefit obligation at December 31?
4. What is the net re-measurement gain or loss in OCI?
5. How much is the overfunding/underfunding for the year 2022?
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