At the beginning of the current year, Paolo Co reported the fair value of plan assets at P7,000,000 and projected benefit obligation at P8,500,000. During the year the entity determined that the current service cost was P1.200,000 and the discount rate is 10% The actual return on plan assets was P800,000 during the yearThe entity provided the following information during the year related to the defined benefit plan: Contribution to the 1, 000 Benefits paid to retirees P1,750,000 Decrease in projected benefit obligation due to change in actuarial assumptions - P300,000

REQUIRED 

1. Does employee benefits expense 

2. Total remeasurement? 

3. Projected Benefit Obligation at year-end?

4. Prepaid /accrued benefit cost for the year?

Answer rating: 100% (QA)

Particulars Plan assets Defined benefit obligations Opening balance at begi... View the full answer