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Help me with this please, Thanks. The following information is given about a funded defined benefit plan of Royce Company. On January 1, 20x6, ROYCE
Help me with this please, Thanks.
The following information is given about a funded defined benefit plan of Royce Company. On January 1, 20x6, ROYCE Company initiated a pension plan for its employees. The company's actuary estimates that the present value of the retroactive benefits related to this pension plan amounts to P400,000. The remaining service life of the covered active employees is 10 years. Relevant data for 20x6 to 20x9 are as follows: Benefits paid to employees during 20x9 amounts to P100,000 20x6 68,000 20x7 100,000 20x8 200,000 20x9 210,000 8% 10% 12% 5% 150,000 165,000 146,000 300,000 10% 14% 10% Current service cost Expected settlement rate Funding made on December 31 Expected rate of return Actuarial return on plan assets Market value of plan assets on December 31 Actuarial Defined Benefit Obligation on December 31 15,000 330,000 500,000 825,000 650,000 1,000,000 1,200,000 Required: 1. Net benefit expense for 20x6 2. Net benefit expense for 20x7 3. The gain/(loss) attributable to the fair value plan assets for 20x8 4. The gain/(loss) attributable to the defined benefit obligation for 20x9 5. The debit/(credit) to other comprehensive income for 20x9
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