Reference no: EM132947797
Question - Ostrich Corporation had the following information in relation to its defined benefit pension plan:
Breakdown of pension liability as of January 1, 2020:
Fair value of pension assets 300,000
Present value of defined benefit obligation 420,000
Retirement benefit costs during the year 2020:
Current service costs 190,000
Interest cost on benefit obligation 380,000
Interest income on plan assets 220,000
Past service costs 520,000
Contributions 400,000
What the pension asset/(liability) that should be presented in the statement of financial position as of December 31, 2020?
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