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What the pension asset that should be presented

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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?

Reference no: EM132947797

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