Question: AOG Inc. provides a defined benefit plan for its employees, and reports using ASPE. The pension plan administrator for AOG Inc. provided the following information

AOG Inc. provides a defined benefit plan for its employees, and reports using ASPE. The pension plan administrator for AOG Inc. provided the following information for the year ended December 31, 2020

Fair value of plan assets, January 1.................................. 820,000

Defined benefit obligation, January 1.............................. 760,000

Current service cost......................................................... 60,000

Employer contributions.................................................. 85,000

Benefits paid to retirees................................................... 50,000

Actuarial Gain. 25,000

Actual return................................................................... 5%

Interest (discount) rate.................................................... 6%

Required:

a.) What is the fair value of the plan assets at December 31, 2020?

b.) What is the balance in the Net Defined Benefit/Liability account at December 31, 2019 and what is the funded status?

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