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3. Data regarding the defined benefit plan of Lao Company follow: Fair value of plan assets, Jan. 1 1,000,000 Return on plan assets 500,000 Contributions to the fund 200,000 Present value of defined benefit obligation, Jan. 1 1,700,000 Current service cost 1,100,000 Benefits paid during the period 300,000 Discount rate 12% Settlement price of DBU 60,000 Present value of DBO settled 25,000 How much is the net benefit asset (or liability) to be recognized in the statement of financial position on January 1 of the current year? a. (1,339,000) b. (700,000) c. (1,700,000) d. 1,000,000 How much is the net benefit asset (or liability) to be recognized in the statement of financial position on December 31 of the current year? a. (2,679,000) b. (700,000) c. 1,340,000 d. (1,339,000)