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What is the amount of overfunding

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Question - The following information pertains to Rose Corporation's defined benefit plan for the year 2029:

Accrued benefit obligation, January 1, 2029 P5,000,000

Fair value of plan assets, January 1, 2029 3,800,000

Current service cost 600,000

Past service cost, determined at 12/31/29 580,000

Interest rate 12%

Actual return on plan assets 550,000

Number of years until vesting of benefits 5 years

Contributions made during the year 750,000

Actuarial gain on plan assets ?

Actuarial gain on benefit obligation 70,000

Required - What is the amount of overfunding (underfunding) in the retirement cost for 2029?

a. 0

b. (574,000)

c. 570,000

d. (410,000)

Reference no: EM132854902

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