1. The following data pertains to Integrity Company that ad
1. The following data pertains to Integrity Company that adopts a… 1. The following data pertains to Integrity Company that adopts a defined benefit plan for its employees: Defined benefit obligation, January 1, 2021 – P4,800,000Plan assets at fair value, January 1, 2021 – P6,250,000For the year 2021: Current service cost – P560,000Contributions made to the fund – P750,000Benefits paid to employees – P1,350,000Discount rate – 10%Defined benefit obligation after remeasurement on December 31, 2021 – P4,550,000Actuarial loss on plan assets – P31,000How much is the Defined Benefit Liability/Asset at December 31, 2021? a. P1,206,000 Liabilityb. P1,206,000 Assetc. P1,694,000 Liabilityd. P1,694,000 Asset 2. Integrity Company sold to AAA Company equipment costing P600,000 with accumulated depreciation of P250,000 for P1,000,000 on January 1, 2021. Integrity immediately leaseback the equipment for 5 years. The leaseback agreement provides for annual rental of P200,000 payable in advance, with the first payment made on January 1, 2021. The remaining useful life of the equipment is five years. The interest rate implicit in the lease is 12%. (Round off the PV factor to two decimal places, then do not round off during the computation)How much is the gain on sale and leaseback recognized by Integrity?a. P124,800b. P128,400c. P457,460d. P650,000 3. Integrity Company’s pretax financial income for the year 2022 is determined to be P1,100,000. In preparing the income tax return for the current year, the tax accountant determined the following differences between the financial income and taxable income: Non-taxable revenues – P70,000Non-deductible expenses – P200,000Taxable temporary difference – P350,000Deductible temporary difference – P200,000How much is the Taxable Income for 2022? a. P1,230,000b. P1,580,000c. P1,200,000d. P1,080,000 4. Integrity Company had 40,000 shares of P20 par value treasury shares that were acquired in 2021 at P24 per share. In May 2022, Integrity issued 20,000 of the treasury shares at P20 each. The cost method is used to record the treasury share transactions.How much is the Treasury Shares at December 31, 2022?Business Accounting ACC 1106
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