What was the balance of program liabilities as of December

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Question - Roanoke Corp initiated a defined benefit pension plan on January 1, 2017. This plan provides pension benefits for future services and past services. An actuary is required to calculate the defined benefit plan (DBO) liability on January 1, 2017, to be CU 550,000,000. Now is the date December 31, 2019, where you are given the following information for 2019 (Thousands of CU):

Current service fees during 2019

125,000

Interest expense on plan liabilities

34,000

The actual benefit of plan assets

28,500

Current value of DBO as of January 1, 2019

680,000

Contribution paid to the program during 2019

130,000

Payment of pension benefits during 2019

22,000

Losses on Remeasurement of defined benefit plan liability

11,000

Required -

1. What was the balance of program liabilities as of December 31, 2019 calculated by the actuary?

2. In connection with the Covid-19 pandemic, which has only been officially recognized since March 2, 2020, an analysis of what the potential impact is for the financial statements as of March 31, 2020?

Reference no: EM132858313

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