EMPLOYEE BENEFITS (please show calculations and explanations)

Comptroller Group sponsors a defined benefit pension plan for its employees. On January 1, 20X1, the following balances related to this plan (in thousand pesos).

Fair value of plan assets P270,000 Defined benefit obligation 340,000 Net defined benefit liability (asset) 70,000 Accumulated OCI (loss) 39,000

As a result of the operation of the plan for 20X1, the actuary provided the following additional data at December 31, 20X1: Service costs for 20X1 P45,000 Actual return on plan assets in 20X1 27,000 Contributions in 20X1 65,000 Benefits paid to retirees in 20X1 41,000 Discount (interest) rate 7% Required 1. Calculate the following: a. Defined benefit expense for 20X1 b. Net remeasurement for 20X1 c. Defined benefit cost for 20X1 d. Defined benefit obligation at December 31, 20X1 e. Fair value of plan assets at December 31, 20X1 f. Net defined benefit liability (asset) at December 31, 20X1 g. Accumulated OCI at December 31, 20X1 2. Prepare the compound journal entry for the recognition and payment of defined benefit cost. 3. Indicate the amounts related to the pension plan in the financial statements.