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Compute for the balance of the fair value of plan assets

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Reference no: EM132931914

Information of an entity's plan assets is shown below:

Fair Value of plan assets, Jan. 1 = 360,000

Return on Plan assets = 80,000

Contributions to the retirement fund during the year = 480,000

Benefits paid to retirees = 120,000

Actuarial gain = 60,000

Requirement:

Problem 1: Compute for the balance of the fair value of plan assets as of year-end.

Reference no: EM132931914

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