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Calculate actuarial gain of defined benefit obligation

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Reference no: EM132735682

Employee Benefits

ABC Ltd contributes to a defined benefit superannuateon plan for its employees. The following information is available for the plan at 30 June 2020

Fair value of plan assets (1 July 2019) $11 700 000

Fair value of plan assets (30 June 2020) $12 900 000

Present value of defined benefit obligation (1 July 2019) $12 000 000

Present value of defined benefit obligation (30 June 2020) $13 080 000

Benefits paid by the fund to members during the year $1 100 000

Contributions paid by ABC Ltd to the fund during the year $1 220 000

Current service cost $1 200 000

Rate of return on plan assets for the period 7.0%

Discount rate (1 July 2019) 5.0%

Discount rate (30 June 2020) 6.0%

REQUIRED:

Problem (1) Calculate the actuarial gain or loss of the plan assets for the period ended 30 June 2020. Please specify whether it is a gain or loss.

Problem (2) Calculate the actuarial gain or loss of defined benefit obligation for the period ended 30 June 2020. Please specify whether it is a gain or loss.

Problem (3) Calculate the defined benefit cost or income recognised in other comprehensive income for the period ended 30 June 2020

Reference no: EM132735682

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