Accounting for defined benefit superannuation plans    LO5 Lily Ltd provides a defined benefit superannuation plan for its managers. The following information is available in relation to the plan. 2019 $ Present value of the defined benefit obligation 1 July 2018 10 000 000 Fair value of plan assets 1 July 2018 9 500 000 Current service cost 1 150 000 Contributions paid by Lily Ltd to the fund during the year 1 000 000 Benefits paid by the fund during the year 1 200 000 Present value of the defined benefit obligation 30 June 2019 10 750 000 Fair value of plan assets at 30 June 2019 10 047 500 Additional information • No past service costs were incurred during the year ended 30 June 2019. • The interest rate used to measure the present value of defined benefits at 30 June 2018 was 9%. • The interest rate used to measure the present value of defined benefits at 30 June 2019 was 10%. • There was an actuarial gain pertaining to the present value of the defined benefit obligation as a result of an increase in the interest rate. • The only remeasurement affecting the fair value of plan assets is the return on plan assets. • The asset ceiling was nil at 30 June 2018 and 30 June 2019. • All contributions received by the funds were paid by Lily Ltd. Employees make no contributions. Required 1. Determine the surplus or deficit of Lily Ltd’s defined benefit plan at 30 June 2019. 2. Determine the net defined benefit asset or liability that should be recognised by Lily Ltd at 30 June 2019. 3. Calculate the net interest for the year ended 30 June 2019. 4. Calculate the actuarial gain or loss for the defined benefit obligation for the year ended 30 June 2019. 5. Calculate the return on plan assets, excluding any amount recognised in net interest, for the year ended 30 June 2019. 6. Present a reconciliation of the opening balance to the closing balance of the net defined benefit liability (asset), showing separate reconciliations for plan assets and the present value of the defined benefit obligation. 7. Prepare a summary journal entry to account for the defined benefit superannuation plan in the books of Lily Ltd for the year ended 30 June 2019.