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Hi-Flie-Ing Corporation offers a defined benefit pension plan to all its eligible employees. The company uses the December 31 year end and uses IFRS to prepare its financial statements. It has reported a credit balance of $1,380,000 as at December 31, 2018 for its Net Defined Benefit Liability/Asset Account. The plan is underfunded by 20% of its Defined Benefit Obligation. The company also recorded, during 2019, $200,000 as Past Service Costs which were assumed to have accrued on January 1, 2019.
Problem 1: Given the actual rate of return on Plan Assets to be 6.25% and the expected returns on Plan Assets amounting to $386,400, what would be the OCI impact from gain or loss on Plan Assets?
a. $53,250 CR.b. $53,250 DR.c. $41,400 CR.d. $41,400 DR.e. Cannot be determined with the given information.
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