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AOG Inc. provides a defined benefit plan for its employees, and reports using ASPE. The pension plan administrator for AOG Inc. provided the following information for the year ended December 31, 2020
Fair value of plan assets, January 1.................................. 820,000 Defined benefit obligation, January 1.............................. 760,000 Current service cost......................................................... 60,000 Employer contributions.................................................. 85,000 Benefits paid to retirees................................................... 50,000 Actuarial Gain.......................................................... 25,000 Actual return................................................................... 5% Interest (discount) rate.................................................... 6%
Required:
Question a.) What is the fair value of the plan assets at December 31, 2020?
Question b.) What is the balance in the Net Defined Benefit/Liability account at December 31, 2019 and what is the funded status?
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