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Oriole Limited sponsors a defined benefit pension plan, and follows ASPE. The corporation's actuary provides the following information about the plan (in thousands of dollars)
January 1, 2020 December 31, 2020Vested benefit obligation $1,400 $1,490Defined benefit obligation, accounting basis 2,260 3,016Plan assets (fair value) 1,360 2,089Interest/discount rate 10% 10%Net defined benefit liability/asset ? ?Past service cost, plan amendment, effective December 30, 2020 360Service cost for the year 2020 300Contributions (funding) 2020 600Benefits paid in 2020 130
Problem 1: Calculate the actual return on the plan assets in 2020.
Problem 2: Calculate the amount of the net defined benefit liability/asset as at January 1, 2020.
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