Reference no: EM132855584
Question - The following information pertains to Rose Corporation's defined benefit plan for the year 2019:
Accrued benefit obligation, January 1, 2019 P5,000,000
Fair value of plan assets, January 1, 2019 3,800,000
Current service cost 600,000
Past service cost, determined at 12/31/19 580,000
Interest rate 12%
Actual return on plan assets 550,000
Number of years until vesting of benefits 5 years
Contributions made during the year 750,000
Actuarial gain on plan assets ?
Actuarial gain on benefit obligation 70,000
Required - What was the balance of the retirement benefit asset/liability at January 1, 2019?