The following information relates to Marchant plc’s pension scheme:

Required:

Calculate the net costs to be recognized in the statement of profit or loss and other comprehensive income for the year ended 30 April 20X4 for Marchant plc. Your answer should clearly identify the costs charged to Marchant’s profit for the year and the gain/loss to be included in other comprehensive income.

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Plan assets at 1 May 20X3 Defined benefit obligation at 1 May 20X3 Service cost for year ended 30 April 20X4 Discount rate at 1 May 20X3 Remeasurement loss in year ended 30 April 20X4 Past service cost 1 May 20X3 $m 48 50 4 10% 2 3