Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On January 1, 2020, before adoption of PAS19R, Church Company had a projected benefit obligation of P4,350,000 and pension plan assets with a fair value

On January 1, 2020, before adoption of PAS19R, Church Company had a projected benefit obligation of P4,350,000 and pension plan assets with a fair value of P2,650,000. The entity had unrecognized past service cost of P450,000 and an unrecognized actuarial gain of p150,000. The entity declared to adopt PAS 19R on January 1, 2020. What is included in the journal entry to effect the initial adoption on January 1, 2020 of PAS 19R?

Step by Step Solution

3.32 Rating (152 Votes )

There are 3 Steps involved in it

Step: 1

Dr Defined benefit liability 1700000 Cr Unrecognized past service cost 450000 Cr Unrecognized actuar... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Intermediate Accounting

Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones

10th Edition

324300980, 978-0324300987

More Books

Students also viewed these Accounting questions

Question

What are the possible sources of error in this project?

Answered: 1 week ago

Question

Which motivation theorists has Tony applied to t TEAM FUN!?. P-96

Answered: 1 week ago

Question

10 lisw1 the Mepointient Henwed Date

Answered: 1 week ago