The memorandum records of Revised Inc. for its defined benefit plan show the following balances:
Plan asset, January 1, 2014 P5,000,000
Defined benefit obligation, January 1, 2014 5,200,000
2014 information:
Current service cost 750,000
Market yields on government bonds at year-end 10%
Contributions made 1,800,000
Benefits paid 480,000
Past service cost as a result of plan amendment 2,300,000
Plan asset, at fair value, December 31, 2014 8,000,000
Defined benefit obligation, re-measured, December 31, 2014 8,350,000
The fair value of Plan asset at year-end includes the unpaid contributions due from the Revised Inc. to the fund, as well as the non-transferable FVPL issued by the Revised Inc. and held by the fund amounting to P700,000 and P300,000, respectively. Determine the amount recognized in profit or loss in accordance with revised PAS 19 –Employee Benefits.
a. P3,050,000 

b. P3,070,000 

c. P3,570,000 

d. P2,300,000

Answer rating: 100% (QA)

Aus Page Date 6 P 3070000 Amaunt ... View the full answer