1. Information on an entity's plan assets is shown below: Fair value of plan assets, Jan. 1 ReturnonplanassetsContributionstotheretirementfundduringtheyear20,000220,000 Benefits paid to retirees 60,000 Requirement: Compute for the balance of the fair value of plan assets as of year-end. Requirements: a. Compute for the net defined benefit liability (asset) as of Jan, 1. b. Compute for the net defined benefit liability (asset) as of Dec. 31 ..