Question
A director of Company A shall receive a retirement benefit of 20% of final salary per annum for a contractual period of 3 years. The
A director of Company A shall receive a retirement benefit of 20% of final salary per annum for a contractual period of 3 years.
The anticipated salary is P1,000,000 for 2020, P1,200,000 for 2021 and P1,500,000 for 2022.
The discount rate is 10%.
Compute for the following
1)Current service cost in 2020, 2021, and 2022
2)Interest expense in 2020, 2021, and 2022
3)PBO, Dec. 31,2020, Dec. 31,2021, and Dec. 31,2022
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Auditing Information Systems
Authors: Jack J. Champlain
2nd Edition
0471281174, 978-0471281177
