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What was the balance of the retirement benefit asset

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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?

Reference no: EM132855584

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