The Kissel Trucking Company Inc. has a defined benefit pension plan for its employees. At December 31, Year 1, the following information is available regarding Kissel's plan:
Fair value of plan assets ………………………………… $30,000,000
Present value of defined benefit obligation …………….. 38,000,000
Service costs …………………………………………….. 4,000,000
Interest costs …………………………………………….. 1,200,000
Actuarial gains …………………………………………… 150,000
Past service costs ………………………………………… 375,000
Required:
Determine the amount that Kissel will report on the balance sheet as of December 31, Year 1, for this pension plan under IFRS.