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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 .

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