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How much is the defined benefit cost

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Question - Information on PLEASEANSWERTHIS Co.'s defined benefit plan is shown below.

Fair value of plan assets, Jan. 1, 20x1 1,400,000

Present value of defined benefit obligation, Jan. 1, 20x1 1,100,000

Current service cost 480,000

Past service cost, Jan. 1, 20x1 (average vesting period is 5 years) 300,000

Benefits paid 210,000

Return on plan assets 300,000

Contribution to the plan 910,000

Increase in obligation during the year due to changes in actuarial assumptions 120,000

Expected rate of return 12%

Discount rate used to discount the defined benefit obligation 10%

The present values of economic benefits available in the form of refunds from the plan are 200,000 and 400,000 on January 1 and December 31, respectively.

Required -

a. How much is the net defined benefit liability (asset) as of January 1, 20x1?

b. How much is the net defined benefit liability (asset) as of December 31, 20x1?

c. How much is the defined benefit cost?

Reference no: EM133104392

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