Gingrich Importers provides the following pension plan information.
Fair value of pension plan assets, January 1, 2019...................₺2,400,000
Fair value of pension plan assets, December 31, 2019................2,725,000
Contributions to the plan in 2019..........................................280,000
Benefits paid retirees in 2019...............................................350,000
Discount (interest) rate..............................................................7%
Instructions
a. From the data above, compute the actual return on the plan assets for 2019.
b. Compute asset gain or loss, and indicate how the gain or loss will be reported.