Question $3(69$ marks$)$

FlagStaff Ltd has a defined benefit pension plan for its employees. The company is considering introducing a defined benefit contribution plan, which will be available to all incoming staff. Although the defined benefit plan is now closed to new staff, the fund is active for all employees who have tenure with the company. In $2020,$ the following actuarial report was received for the defined benefit plan: $2020/$$ Present value of the defined benefit obligation $31$ December $201918000000$ Past Service Cost $4000000$ Net interest $?$ Current service cost $600000$ Benefits paid $2000000$ Actuarial gain$/$loss on DBO $?$ Present value of the defined benefit obligation $31$ December $202021000000$ Fair value of plan assets at $31$ December $201917000000$ Return on plan assets $?$ Contributions paid to the plan during the year $1500000$ Benefits paid by the plan during the year $2000000$ Fair value of plan assets at $31$ December $202027500000$ Additional information $($a$)$ All contributions received by the plan were paid by Flagstaff Ltd$.($b$)$ The interest rate used to measure the present value of the defined benefit obligation was $9\%$ at $31$ December $2019$ and $31$ December $2020.($c$)$ The asset ceiling was nil at $31$ December $2019$ and $31$ December $2020.$ Requirements: a$)$ Determine the surplus or deficit of Flagstaff Ltd$.$s defined benefit plan at $31$ December $2020.(3$ marks$)$ b$)$ Determine the net defined benefit asset or liability that should be recognized by Flagstaff Ltd at $31$ December $2020(2$ marks$)$ c$)$ Calculate the net interest for $2020(6\mathrm{.}5$ marks$)$ d$)$ Calculate the actuarial gain or loss for the defined benefit obligation for $2020(7$ marks$)$ e$)$ Calculate the return on plan assets, excluding any amount recognized in net interest for $2020(6\mathrm{.}5$ marks$)$ f$)$ Prepare a pension worksheet for the period ended December $312020(37$ marks$)$ g$)$ Prepare the journal entries to account for the defined benefit pension plan in the books of Flagstaff Ltd for the year ended December $312020(7$ marks$)$

Please Show all workings, answer all questions.