Question: Answer it with solutions in good accounting form please Problem 2: The following selected post-retirement benefit accounts were lifted from the 2021 unadjusted trial balance

Answer it with solutions in good accounting form please
Problem 2: The following selected post-retirement benefit accounts were lifted from the 2021 unadjusted trial balance of ENN Corporation. No adjusting entry had been made yet at year end in relation the post- retirement benefits related accounts. Accrued Pension Expense, January 1, 2021 P624,800 Pension expense for 2021, amount contributed to the plan 450,000 Additional information: The memorandum account balances and other off-books transactions are as follows: Plan asset at fair market value, January 1, 2021 P2,650,800 Accumulated benefit obligation at present value, January 1, 2021 P 3,275,600 Payments to retirees at scheduled retirement in 2021 P 560,000 Current service cost 480,000 Settlement rate 12% Actuarial loss on plan asset P120,000 Actuarial loss on accumulated benefit obligation 80,000 There had been no remeasurement (actuarial) gain or loss from plan asset and accumulated retirement obligation in the prior years. The asset ceiling at the beginning and at the end of the year was at P250,000 and P350,000, respectively. Required: 5. What is the total pension expense in 2021? 6. How much from the pension expense is recognized in the 2021 profit or loss
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
