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On January 1, 2020, Company A agrees to pay a lump sum pension to the employees equal to 5% of their final salary times the

On January 1, 2020, Company A agrees to pay a lump sum pension to the employees equal to 5% of their final salary times the number of years worked after January 1, 2020. It is estimated that the salary of a certain employee for 2029, the last year with the entity, will be P1,500,000. The appropriate interest rate is 12%. Compute for the ff: 1)Current service cost in 2020, 2021, 2022 2023 and 2024 2)interest expense in 2020, 2021, 2022 2023 and 2024 3)PBO, Jan. 1, 2020, Dec. 31,2020, Dec. 31,2021, Dec. 31,2022, Dec. 31,2023 and Dec. 31.2024

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