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What was the balance of the retirement benefit asset

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Question - The following pertains to Hershey Corp. defined benefit plan for the year 2021:

Accrued benefit obligation, Jan. 1- P5,000,000

Fair value of plan assets, Jan. 1- P3,800,000

Current service cost- P600,000

Past service cost- P580,000

Interest rate- 12%

Actual return on plan assets- P550,000

Number of years until vesting of benefits- 5

Contribution made during the year- P750,000

Actuarial gain on plan assets- ?

Actuarial gain on benefit obligation - P70,000

Required - What was the balance of the retirement benefit asset/liability at January 1, 2021?

Reference no: EM132848797

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