Question: Please help with below problem 3 Company GAMMA offers defined benefit plan to its employee. In years 20X5-20X8 company reported following data: Year 20X5 20X6

Please help with below problem

Please help with below problem 3 Company GAMMA offers defined benefit planto its employee. In years 20X5-20X8 company reported following data: Year 20X5

3 Company GAMMA offers defined benefit plan to its employee. In years 20X5-20X8 company reported following data: Year 20X5 20X6 20X7 20X8 Present value of obligation at the beginning of the year 3 400 000 3 800 000 4 700 000 5 900 000 Fair value of plan asset at the beginning of the year 3 300 000 4 840 000 4 740 000 4 840 000 Benefits paid 240 000 280 000 360 000 420 000 Contributions received 1 080 000 720 000 940 000 560 000 Current service costs 740 000 860 000 1 080 000 980 000 Present value of obligation at the end of the year 3 800 000 4 700 000 5 900 000 6 200 000 Fair value of plan asset at the end of the year 4 840 000 4 740 000 4 840 000 5 160 000Contribution and benefit payments were made at the end of accounting periods. At the end of 20X6 and 20X7 company BETA sold branches and as result transferred accumulated pension entitlement of employees hired in these branches to their new employer's plan: Year 20X6 20X7 Transferred obligations 280 000 140 000 Transferred assets 300 000 100 000 At the end of 20X7 and 20X8 company BETA decided also to make one-off additional payments to retired employees. Amount of payments were 200 000 E and 100 000 E respectively Required: Determine amounts recognised in Balance Sheet and in Statement of profit and loss and other comprehensive income for years 20X5-20X8. Assume that market yield on high quality corporate bonds is 5%. (12 points)

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