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A director of Easy Company shall receive a retirement benefit of 10% of the final...

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Accounting

A director of Easy Company shall receive a retirement benefit of 10% of the final salary per annum for a contractual period of three years. The director does not contribute to the scheme. The anticipated salary over the three years is P1,000,000 for 2010, P1,200,000 for 2011 and P1,440,000 for 2012. The discount rate is 5%. Using the projected unit credit method, what is the estimated pension liability on December 31, 2011?

A. 274,284

B. 288,000

C. 130,608

D. 144,000

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