Numbers 19, 20 and.21 ‘An entity provided the following items related to its defined benefit plan for 2019: December 31 3,355,000 Projected benefit obligation 2.260.000 Fair value of plan assets ‘The current service cos forthe year was P155,000, comibutions to the fund amounted to PS00,000 and the actual rerum and interest inzome on the pln asset was P160,000. No benefits were paid. There was «decrease inthe projected benefit obignon ducing the year de to change in actuarial assumptions 19. What isthe benefit expense for 20197 1. 500,000 b. 795,000 5. 295,000 4. 195,000 20, What amoint was recognized as actuarial gain on PBO during the year? 100,000 200,000 240,000 0 21. What amount should be reported as prepaid or accrued benefit cost on December 31, 20197 ‘a 1,095,000 accrued . 1,095,000 prepaid ¢, 308,000 prepaid 4,305,000 accrued ‘Numbers 22 and 23 ‘An entity provided the following data on December 31, 2019. Cash 400,000 Accounts payable 500,000 ‘Accounts receivable £800,000 Note payable 550,000 Inventories 350,000 Bonds payable 1,100,000 + Cash included a P200,000 sinking fund tobe used to settle the bonds in 2023. ‘+ Accounts receivable included a P200,000 note receivable from a customer due in 2022, 1 The note payable is due on February 14, 2020. On December 31, 2019, the entity intended to refinance the note payable on a Tongeterm basis. On January 19, 2020, the entity executed the refinancing. The 2019 financial statements are issued on March 15, 2020. ‘© Inventories included equity investments of 250,000. The entity is expected to sell 40% of this investment next yea, while the remaining 60% is to be held indefinitely 22, What total amount of current assets should be reported on December 31, 20197 ‘a. 1,200,000 b. 1,350,000 1,550,000 4. 1150,000 23, What total amount of current lisilties should be reported on December 31, 20197 500,000 $50,000 «©. 1,100,000 I <. 1,050,000