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Answer it with solutions in good accounting form please Problem 2: The following selected post-retirement benefit accounts were lifted from the 2021 unadjusted trial balance
Answer it with solutions in good accounting form please
Problem 2: The following selected post-retirement benefit accounts were lifted from the 2021 unadjusted trial balance of ENN Corporation. No adjusting entry had been made yet at year end in relation the post- retirement benefits related accounts. Accrued Pension Expense, January 1, 2021 P624,800 Pension expense for 2021, amount contributed to the plan 450,000 Additional information: The memorandum account balances and other off-books transactions are as follows: Plan asset at fair market value, January 1, 2021 P2,650,800 Accumulated benefit obligation at present value, January 1, 2021 P 3,275,600 Payments to retirees at scheduled retirement in 2021 P560,000 Current service cost P480,000 Settlement rate Actuarial loss on plan asset P120,000 Actuarial loss on accumulated benefit obligation 80,000 There had been no remeasurement (actuarial) gain or loss from plan asset and accumulated retirement obligation in the prior years. The asset ceiling at the beginning and at the end of the year was at P250,000 and P350,000, respectively. Required: 12% P 7. How much from the pension expense is recognizea in the 2021 other comprehensive income or loss? 8. How much is the plan asset at fair market value, December 31, 2021Step by Step Solution
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