Razor's 60th birthday is on 1 January 2020. His salary for the year ended 31 December...
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Razor's 60th birthday is on 1 January 2020. His salary for the year ended 31 December 2020 is P400,000. At the 31st of December 2020 the entity made the following actuarial assumptions: Razor's salary should increase by 6 percent (compound) each year. • The appropriate discount rate is 10 percent per year. Requirements: 1. What is the expected final salary of Razor? 2. What is the projected benefit obligation on December 31, 2022? 3. What amount of total employee benefit expense will be recognized in 2021? 4. What amount of total employee benefit expense will be recognized in 2022? Razor's 60th birthday is on 1 January 2020. His salary for the year ended 31 December 2020 is P400,000. At the 31st of December 2020 the entity made the following actuarial assumptions: Razor's salary should increase by 6 percent (compound) each year. • The appropriate discount rate is 10 percent per year. Requirements: 1. What is the expected final salary of Razor? 2. What is the projected benefit obligation on December 31, 2022? 3. What amount of total employee benefit expense will be recognized in 2021? 4. What amount of total employee benefit expense will be recognized in 2022?
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The expected final salary of Razor can be calculated as follows Salary in 2020 P400000 Annual increa... View the full answer
Related Book For
Accounting Business Reporting For Decision Making
ISBN: 9780730302414
4th Edition
Authors: Jacqueline Birt, Keryn Chalmers, Albie Brooks, Suzanne Byrne, Judy Oliver
Posted Date:
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