Milky Way Company had the following balances relating to the defined benefit plan at year-end: Fair value

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Milky Way Company had the following balances relating to the defined benefit plan at year-end:

Fair value of plan assets- P37,000,000

Benefit obligation- P33,000,000

Asset ceiling- P2,500,000

What is the prepaid benefit cost at the year-end?

2.Mars Company had a noncontributory defined benefit pension plan. On December 31, 2021, the entity received the defined benefit obligation report from the independent actuary.

Benefits paid- P135,000

Benefit obligation, Dec. 31, 2021- P2,160,000

Interest expense- P120,000

Discount rate- 8%

Requirements

What is the current service cost for 2021?

Related Book For answer-question

A Pathway to Introductory Statistics

ISBN: 978-0134310039

1st edition

Authors: Jay Lehmann

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Posted Date: Mar 22, 2022 07:46 AM

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Milky Way Company had the following balances relating to the defined benefit plan at year-end: Fair value

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Milky Way Company Prepaid Benefit Cost 1 Prepaid Benefit Cost To determine the prepaid benefit costwe need to compare the fair value of plan assets an... View the full answer

A Pathway to Introductory Statistics

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