Question: During the current year, the following data are gathered: 1. Current service cost 2. Actual return on plan assets 3. Contribution to the plan

During the current year, the following data are gathered: 1. Current service

During the current year, the following data are gathered: 1. Current service cost 2. Actual return on plan assets 3. Contribution to the plan 4. Past service cost 5. Decrease in PBO due to change in actuarial assumptions 6. Asset ceiling - Dec. 31, 2020 7. Discount rate P1,050,000 1,350,000 1,500,000 300,000 750,000 1.800,000 8% REQUIRED: 1. Prepare the memo entries of the trustee-bank in 2020. 2. Prepare the general journal compound entry of the employer in 2020. 3. Reconcile no. 1 and 2.

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